#密码资产动态追踪 $ETH $Gold $USD

The year 2026 begins with intense turbulence in the global financial markets. The power clash between Trump and Federal Reserve Chair Powell is profoundly reshaping the international capital landscape — this is not just policy disagreement, but a test of the global trust in the dollar.

**Market Status: Three Killings Arrive**

Data is in front of us; changes have already occurred:

The US dollar index broke through 98.82, marking the largest annual decline in 9 years. The former financial hegemony is loosening.

Nasdaq futures plunged over 0.9%, with panic spreading across global stock markets.

Japan sold over $20 billion in US Treasuries in a single week, with overseas institutional investors collectively adjusting their allocations. This scale of reduction reflects a reassessment of the outlook for US debt.

Gold broke historical highs — London Gold soared to $4601.38 per ounce, becoming a safe haven for global capital. Asian stock markets absorbed funds against the trend, indicating investors are seeking new value anchors.

**The Economics Behind the Power Struggle**

What is the essence of this conflict? It’s not just a simple political spat.

Trump is attempting to exert strong intervention to push the Fed to cut interest rates. He has used criminal investigations as pressure, bypassing the independence of the central bank, and even directly restricting credit card interest rates. Such actions break the framework of Fed independence built over decades.

History reminds us: in 1971, Nixon’s intervention in the Federal Reserve system ultimately triggered a decade-long stagflation crisis. Today, the US economy shows signs of fatigue — weak non-farm data, rising unemployment — how risky is it to force a rate cut under this backdrop?

Top financial institutions like BlackRock, JPMorgan Chase, and Lazard have already issued warnings. JPMorgan Chase explicitly states: the pressure on the dollar and US debt has never been seen before. Lazard even publicly declares: "American exceptionalism" is dead. The European Central Bank is calling out that the White House’s policy antics are destroying the dollar’s dominance.

**Global Capital Flows Re-Directed**

The most notable thing is the vote with capital’s feet.

When confidence in the dollar declines, what are global institutional investors doing? They are fleeing dollar assets and rushing into gold, commodities, and even emerging markets. Once this process starts, it’s hard to reverse — because once the dollar loses reserve currency confidence, its decline accelerates further.

What does this mean for crypto market participants? Global liquidity is seeking new allocation directions. When traditional financial systems’ confidence wavers, assets with global liquidity will attract renewed attention.

**Three Questions in Front of Us**

Can Trump truly "tame" the Fed, or will it trigger an even bigger financial crisis?

Will the dollar hegemony be eroded this time, or is it just short-term volatility? Who will lead the new international financial order?

Is the breakthrough of gold past $4600 just the beginning of capital hedging, or a signal of a new era?

The tide has arrived. What is your judgment?