Is this a bottoming signal or a harbinger of another sharp drop? Bloomberg Breaking News: The Trump administration is preparing to confirm Kevin Warsh as the next Federal Reserve Chairman! 1. Why Kevin Warsh? Background-wise, Warsh is the son-in-law of the Estée Lauder family, and his father-in-law is a longtime friend of President Trump. With a powerful family background and close ties, Warsh and Trump are naturally aligned. Therefore, Trump also favors him. 2. What is the market afraid of? Although Warsh has been talking about interest rate cuts recently, he is actually a well-known "hawk among hawks" within the Fed. On the one hand, investors are worried that his hawkish approach will affect expectations of interest rate cuts; On the other hand, investors are even more worried that he might cut interest rates too quickly to appease Trump, leading to uncontrolled inflation expectations. Therefore, short-term market volatility will be greater, with a high probability of rising yields, a stronger dollar, and pressure on risk assets. So, from this perspective, Warsh's appointment is not favorable for the cryptocurrency market. On Polymarket, Kevin Warsh has a 94% chance of being elected Federal Reserve Chairman, making him the most likely candidate. There's no point in guessing; let's just wait and see what the new chairman says in his first speech.