Internet reports that due to a new round of selling on Wall Street, the stock market was hit. Bitcoin fell below the key support level of US$80,000 and approached the low of US$78,000. Investors began to shift risky assets to safe assets. Analyst firm Kobeissi said that the U.S. Department of Government Efficiency (DOGE) cuts in government spending were one of the reasons for the recession. They believe that U.S. government spending and employment growth have been 'driving' economic development. But DOGE's cost cuts will have a profound impact, and it's unclear where BTC price movements may form a more reliable bottom.