The current market is oscillating between "high inflation pressure" and "ceasefire expectations": If substantial progress is made in the ceasefire between Russia and Ukraine, it may partially offset the Federal Reserve's tightening policy by reducing energy costs, promoting a rebound in risk appetite, which is beneficial for the risk and cryptocurrency markets. If inflation stickiness persists (especially supported by tariffs and labor costs), the Federal Reserve's policy path may further lean towards hawkishness, which will suppress market sentiment and negatively impact risk and cryptocurrency markets. —————————————————————— Maintain priority attention: 1. The statements and actions of both Russia and Ukraine after the Munich Conference; 2. Inflation sub data for February and March (housing, energy); 3. The actual push of the Trump administration towards European energy exports.