The big pie suddenly surged from 640 to 70,000, which really caught people off guard. I think the reason for this rally is that on the 19th—i.e., on the 20th Beijing time—Trump convened a meeting on technology and crypto innovation. He urged that the Clarity Act be passed as soon as possible, and said the war against cryptocurrencies has been completely over. He also said the U.S. is leading the industry and showed the market that the big pie and cryptocurrencies have enough future confidence, which led to this rise.
That day, basically all coins and stocks saw gains of around 5–15%. With news like this, nobody can really predict it. It was sudden—just like when Trump announced Bitcoin as a strategic reserve. It suddenly exploded up by more than 10,000 points. I actually chased it with my spot position back then, and even opened a short—so I got wrecked directly. So later on, whenever I don’t understand something, when it’s beyond my knowledge range, I just watch and don’t move!
This time it’s obvious that after the rally, there wasn’t an immediate sharp pullback, which indicates that people in the circle are treating it as a long-term positive. Also on the 21st, the CFTC held a corresponding meeting because the Clarity Act could not be passed in time. Forty-three members attended, including the Chicago Mercantile Exchange, the Nasdaq Index, the DTCC clearing institution, and others. The focus on cryptocurrencies is about a few U.S. exchanges, and projects tied to specific coins—so the corresponding coin for each project that’s related to those exchanges also rose well, like ripple, uniswap, solana, chainlink, and so on. These are just references for the assets we can hold.
We can clearly see that this time the U.S. has a regional advantage: our usual exchanges—Binance, OKX, Gate, and Bitget—did not participate. All future rule-making led mainly by the West, especially the U.S., will become the dominant force in setting the rules—like the grim reaper’s scythe. Meanwhile, Eastern exchanges can only comply with the specifications and be at the mercy of others!
That day, basically all coins and stocks saw gains of around 5–15%. With news like this, nobody can really predict it. It was sudden—just like when Trump announced Bitcoin as a strategic reserve. It suddenly exploded up by more than 10,000 points. I actually chased it with my spot position back then, and even opened a short—so I got wrecked directly. So later on, whenever I don’t understand something, when it’s beyond my knowledge range, I just watch and don’t move!
This time it’s obvious that after the rally, there wasn’t an immediate sharp pullback, which indicates that people in the circle are treating it as a long-term positive. Also on the 21st, the CFTC held a corresponding meeting because the Clarity Act could not be passed in time. Forty-three members attended, including the Chicago Mercantile Exchange, the Nasdaq Index, the DTCC clearing institution, and others. The focus on cryptocurrencies is about a few U.S. exchanges, and projects tied to specific coins—so the corresponding coin for each project that’s related to those exchanges also rose well, like ripple, uniswap, solana, chainlink, and so on. These are just references for the assets we can hold.
We can clearly see that this time the U.S. has a regional advantage: our usual exchanges—Binance, OKX, Gate, and Bitget—did not participate. All future rule-making led mainly by the West, especially the U.S., will become the dominant force in setting the rules—like the grim reaper’s scythe. Meanwhile, Eastern exchanges can only comply with the specifications and be at the mercy of others!