2025 is already extraordinary from the start. After Trump returned to the White House and made the statement "I like tariffs," it directly triggered a global financial market frenzy. Following the official implementation of the sky-high tariffs on "Liberation Day" in April, the S&P 500 plummeted 15% in three days, and the market was once plunged into panic, but then a dramatic reversal occurred—the US stock market rebounded strongly, rushing towards 7000 points, far exceeding Wall Street's expectations.

Even more surprising was the performance of the US dollar. According to traditional economic logic, a trade war should push up inflation and support the dollar's appreciation. But the reality was completely opposite: the dollar started 2025 with a decline of 12%, marking its worst performance in nearly half a century. Foreign capital flooded into US stocks to buy the dip, while simultaneously hedging against dollar risk—this contradictory phenomenon actually reflects the market's true attitude.

In this upheaval, the Federal Reserve also couldn't withstand the pressure. Although inflation remained a problem, under the shadow of Trump, the Fed made three rate cuts in 2025. Its independence was questioned, but the market remained calm, even somewhat numb.

From the perspective of the crypto market, this pattern of dollar depreciation and increased volatility in traditional assets is changing capital flows. The correlation between cryptocurrencies like BTC, ZEC, DOGE and the dollar, US stocks is being re-priced. Rising trade tensions, soaring AI bubbles, and surging government debt—all these factors are boosting the appeal of safe-haven assets.

Some say the storm in 2026 will be even fiercer. The global financial upheaval triggered by protectionist trade policies has only just begun, and the real story is still ahead.