Author: Luke, Mars Finance

By the end of March 2025, the global financial markets experienced a severe turbulence. The U.S. stock market encountered a "Black Friday" on March 28, with the S&P 500 index dropping 1.97%, the Nasdaq index plummeting 2.7%, and the Dow Jones Industrial Average falling 715 points, a 1.69% decline. This downturn quickly spread to the cryptocurrency market, with BTC falling from $84,000 on the afternoon of March 29 to $81,565 early morning on March 31, Ethereum (ETH) dropping to a recent low of $1,767, and Solana (SOL) reaching a low point of $122.68 at 18:00 on March 30.

According to Coinglass data, approximately 70,000 cryptocurrency investors were liquidated within the past 48 hours, losing around $200 million. This cross-market chain reaction not only triggered widespread panic but also exposed the fragility of the current economic environment. This article will analyze the reasons for this crash by combining perspectives from multiple authoritative institutions and explore key events and their potential impacts that investors should focus on this week.

[The rest of the translation follows the same professional and accurate approach, maintaining the original structure and technical terminology.]

Key Events Investors Should Focus on This Week

As the market enters early April, investors need to closely monitor the following key events that may further impact the US stock and crypto markets:

· April 2 (Tuesday): Trump's "Reciprocal Tariff" Policy Announcement Summary: The Trump administration plans to announce a tariff policy of an average 15% on all trading partners. Goldman Sachs expects this will raise import costs and potentially trigger global retaliatory tariffs. If tariffs are as severe as expected, US stocks may drop 3%-5%, and Bitcoin might break below the $80,000 support level; if the policy is less intense (e.g., excluding semiconductor and automotive industries), the market may see a brief rebound, with Bitcoin potentially recovering to $85,000. Evercore ISI's Matthew Aks noted, "Market reaction will depend on the timing and target industries of the tariffs."

· April 3 (Wednesday): ECB March Monetary Policy Meeting Minutes Release Summary: The European Central Bank will publish its March meeting minutes, potentially revealing the latest assessment of Eurozone economy and inflation, and whether they will accelerate rate cuts. If the minutes show a dovish tendency (such as further rate cuts), it may boost global risk assets, with the crypto market potentially rebounding alongside US stocks; if a cautious stance is maintained, it could intensify risk-averse sentiment, suppressing Bitcoin and Ethereum prices. State Street's Michael Arone believes, "The ECB's policy direction will influence global liquidity expectations."

· April 4 (Thursday): Federal Reserve Chair Powell's Speech Summary: Powell will deliver a speech on the US economy and monetary policy, potentially responding to inflation data and tariff impacts. If Powell signals rate cuts (e.g., responding to economic slowdown), US stocks and crypto markets may rise 2%-3%, with Bitcoin potentially breaking above $83,000; if he emphasizes maintaining high interest rates, it could intensify selling pressure. Bloomberg analyst Mike McGlone warns, "Powell's tone will directly affect the short-term trend of risk assets."

· April 5 (Friday): US Non-Farm Payrolls Report Summary: March non-farm employment data will reveal the health of the US labor market, with market expectations of job additions below 200,000 and unemployment potentially rising to 4.2%. If data is weak (job additions below 150,000), it will strengthen rate cut expectations, benefiting US stocks and crypto markets, with Bitcoin potentially rebounding to $86,000; if data unexpectedly strong, it may push up US Treasury yields, pressuring risk assets. Goldman Sachs predicts, "Non-farm data will be the climax of market volatility this week."

· April 5 (Friday): Microsoft's 50th Anniversary and Copilot Update Summary: Microsoft will celebrate its 50th anniversary and may announce significant updates to its AI assistant Copilot. If updates exceed expectations, it could boost tech stock confidence, with the Nasdaq potentially rising 1%-2%, indirectly influencing crypto market sentiment; if updates are underwhelming, the impact will be limited. InvestingHaven's Taki Tsaklanos believes, "Tech stock performance will provide a bellwether for the crypto market."

[The rest of the translation follows the same professional and accurate approach, maintaining the specific cryptocurrency and financial terminology as instructed.]