Bitcoin falls below $75,000; why are global risk assets collectively 'taking a dive'?
Introduction: The start of 2026 has not been as smooth as expected. With personnel changes at the Federal Reserve and a shift in macro policy expectations, global markets faced a fierce 'stress test' at the beginning of February.
1. Hawkish Return: Warsh's nomination ignites 'deleveraging'
On January 30, 2026, Trump officially nominated Kevin Warsh to serve as the next chairman of the Federal Reserve. This news instantly disrupted the calm of the market. As a well-known 'inflation hawk', Warsh's return signifies that the extreme easing expectations of interest rate cuts over the past two years are beginning to waver.