According to online reports, Coindesk analysts pointed out that Wall Street's famous "panic index"-the U.S. Stock Volatility Index (VIX) soared to 39 after the escalation of Sino-US trade tensions, the highest level since October 2020. Traders raised their expectations for the Federal Reserve to cut interest rates this year due to the impact of China's retaliatory tariffs on U.S. goods. The CME FedWatch tool shows that market expectations for interest rate cuts during the year have increased from the previous 100 basis points to 116 basis points. The Deribit platform DVOL index showed that Bitcoin's 30-day implied volatility rose to 54.6%, a two-week high.