The market has become increasingly unpredictable recently, with macro factors clearly gaining influence.

US crypto regulation is entering a critical phase. The core conflict behind this revolves around the yield issue of stablecoins—there are significant differences in stance between the two parties. A key vote will take place this Thursday (January 15), and the outcome could directly change the direction of crypto regulation.

Here's the situation: if the text submitted late tonight gains approval from the core members of both parties, the probability of passing the vote on Thursday will be high. However, if the two sides cannot reach a consensus on the "yield" issue, the entire bill may be postponed again. Once the bill is shelved, the market will continue to hang in a regulatory vacuum, and everyone's anxiety will only grow.

Additionally, attention should be paid to the upcoming CPI data and tariff policy developments—these factors are also influencing market momentum. A noticeable trend seems to be brewing, and the market may have a clearer direction in the coming days.