Encrypted Breakfast | March 28 1. The situation in the Middle East is escalating again, causing a sharp drop in US stocks. The Nasdaq fell 2.15%, the Dow Jones fell 1.73%, and the S&P 500 fell 1.67%. 2. Gold resumed its upward trend, rising 1.88%. Crude oil rebounded due to Iran's blockade of the Strait of Hormuz, returning to around 114. 3. Iran's Revolutionary Guard continues to send a strong signal, stating that it has launched strikes against Israeli bases, airports, and US-related logistical targets. Multiple key Iranian facilities were attacked, including steel mills, associated power plants, heavy water reactors, and yellowcake factories. 4. The United States continues its military operations against Iran, and assesses that the conflict could last another two to four weeks. The US has signaled that there are currently no plans for an emergency ground invasion. 5. Iran's Revolutionary Guard stated that the Strait of Hormuz has been closed and warned that vessels attempting to pass through will face severe measures. Some vessels have already turned back after receiving the warning. 6. Morgan Stanley has officially entered the Bitcoin ETF market, submitting an application for a fee rate as low as 14 basis points. 7. Fannie Mae will accept crypto assets as down payments/mortgages, with Coinbase involved in the partnership. 8. Stablecoin rewards and the CLARITY Act are deadlocked: the Senate draft excludes simple holding rewards, banks are under great pressure to lobby; the industry is calling for swift passage to avoid a regulatory vacuum. 9. The NYSE's parent company invests an additional $600 million in Polymarket, bringing its total exposure to over $1.6 billion. 10. OKX announced that it is not in a hurry to IPO in the United States, emphasizing that long-term shareholder value is the priority. 11. Trump strongly supports cryptocurrency: The United States will become a global Bitcoin superpower. 12. Zhipu officially announced the launch of GLM-5.1, which boasts significantly superior coding capabilities compared to its predecessor and is available to all users of the GLM Coding Plan. 13. Claude experienced 25 service outages in two weeks, with three product lines suffering major outages, and Opus 4.6 being the hardest hit. [Bitcoin Market Analysis] Bitcoin continued to fall and tested support due to the Middle East war. The macro environment is now difficult. The ongoing war is causing market concerns about rising inflation. Furthermore, the recent internal discussions within the Federal Reserve about raising interest rates have only made matters worse. The key to resolving the conflict lies in whether it can be resolved quickly and whether a consensus can be reached by April 6th. Otherwise, if the conflict escalates, the market will face further pressure. [Risk Warning] Digital assets are highly volatile and carry extremely high risks. Please participate with caution, never go all in, and never use leveraged loans.