Staring at the market for eight hours, my eyes are about to go blind. This is really not a joke—at the moment the tariff news got dumped, I felt something was off, but the market's reaction speed still exceeded my expectations.

Numbers don't lie. Over there in the US stock market, the Dow dropped by 1.9%, the S&P 500 fell by 2.71%, and the Nasdaq was even harsher, down directly by 3.56%. Sounds like it's not that bad? But take a look at the timeline: in three minutes, 700 billion dollars in market value evaporated into thin air. This kind of speed indicates that panic is no longer just an emotion, it's a primal reaction.

The crypto market is even worse. Bitcoin plummeted from around $120,000 in a volatile range down to below $103,000, a drop of 13%. This wave of decline came quickly and fiercely, and those who had leveraged positions probably didn't even have time to react. Ethereum fell by 8%, BNB dropped by 11.5%, and mainstream coins all fell sharply. As for those altcoins? Some were directly cut in half; I couldn't bear to look a second time.

1.5 million traders lost 19 billion dollars overnight. Behind this number are countless liquidated accounts and margin call notifications. Having been in the crypto space for so many years, I've seen quite a few ups and downs, but the intensity of this violence still leaves me a bit shocked.

The characteristics of high-risk assets are fully exposed in such extreme market conditions. Leverage is a double-edged sword; it can make you soar when the market is good, but once the market turns, it truly doesn't even give you a chance to hit the brakes. This storm has taught everyone a lesson: risk management is always the top priority.