Attention all traders! The crypto market tonight could be very volatile—two major events are coming up. One is the "shock" from US economic data, and the other is the final decision on Trump's tariff policy. Any movement could send your positions on a roller coaster!

Here's the key point: At 21:30 Beijing time tonight, the US November Retail Sales and PPI data will be released simultaneously. The market generally expects retail sales to increase by 0.4% month-on-month, which is a glimmer of hope compared to last month's sluggishness. But we all know that market expectations are like a sheet of paper—if the actual data misses by just 0.1 percentage points, the entire market could shake.

Speaking of PPI (Producer Price Index), it may seem like just industrial data, but it actually directly influences the Federal Reserve's interest rate decisions. Looking back: in July, PPI exceeded expectations and surged, sharply reducing the rate cut expectation from 98% to 84%. At that time, risk assets declined across the board, and the crypto market even staged that "200,000 liquidated" scene.

Conversely, retail sales are a barometer of consumer spending. If the data falls short of expectations, it signals economic weakness, which might force the Fed to release liquidity earlier—this is positive for crypto assets. But if the data exceeds expectations, hopes for rate cuts will cool down, and the US dollar is likely to strengthen. In this case, assets like Bitcoin will be under pressure—currently, its correlation with the Nasdaq is as high as 0.74. When US stocks cough, the crypto circle catches a cold.

And there's even bigger uncertainty waiting ahead...