Japan's interest rate hike is indeed a trigger, but it's too early to say the market has ended. What the market fears most now is tightening liquidity, and the Federal Reserve is still observing. This action from Japan has indeed raised global funding costs.

The rise in gold prices is inevitable as risk aversion sentiment has emerged. But will altcoins break below the December 2022 bottom? I don't think so, unless there is a real systemic risk. The current issue is that most altcoins have no fundamentals to support them, purely relying on speculation and liquidity.

What we should really worry about are those institutions and retail investors with high leverage, like $BTC ; when the interest rate hike cycle begins, the cost of borrowing increases, and they will inevitably have to deleverage. In such times, cash is king, but completely withdrawing is also irrational. Market sentiment can come quickly and leave just as swiftly.