The market has experienced another wave of volatility, tangled with many complex factors. The overall expectation of a potential stall has caused panic among investors. Additionally, today’s release of the latest consumer credit report by the New York Federal Reserve showed concerning data—high interest rates have led to various types of consumer credit reaching record highs in the third quarter.

This indicates that the lives of American consumers are indeed at risk. Whether it's credit card debt, mortgage loans, or student loans, all are influenced by the federal funds rate. If the Federal Reserve does not significantly cut interest rates, there’s a high likelihood of a credit crisis occurring.

Looking at Bitcoin (BTC) data, although the chart appears red and bearish, the actual trading volume has been decreasing. Over the past 24 hours, the turnover rate has normalized significantly, suggesting that there are no clear signs of panic selling among investors. The main sellers are still short-term traders, while longer-term investors remain on the sidelines.

Regarding URPD, its stability remains relatively high, and there are no current signs of systemic risk. The supporting structure has not collapsed. Although BTC’s price has fallen below key support levels, as long as these support levels hold, it’s unlikely to trigger a systemic crisis.