#美联储重启降息步伐 $ETH

USDT suddenly broke 7.

It all happened overnight—the stablecoin-to-RMB exchange rate broke through a key level, and the crypto community exploded: what happened to "stability"? But what's even stranger is that mainstream cryptocurrencies are surging. Behind this contradiction, two undercurrents are tearing at the market.

First trend: Weakening faith in the US dollar.
The US government's intervention in monetary policy is now obvious, and the market expects a nearly 90% chance of a rate cut in December, with a rate-cut cycle likely starting next year. A weakening dollar is no longer just speculation; the RMB is passively strengthening, and USDT is just the appetizer under pressure. This break above 7 may be just the prelude.

Second trend: Gray channels hit with an iron fist.
Recently, regulations targeting illegal cross-border stablecoin transactions have tightened, striking directly at the gray area of "U-based" trading. Funds are fleeing USDT for safety, causing a short-term supply-demand imbalance and putting natural pressure on the exchange rate.

But here's the counterintuitive phenomenon: USDT is dropping, but coins are soaring.

This is the key—the market never trades on the present, but on expectations. The expectation of dollar liquidity makes crypto a backup reservoir; meanwhile, some veteran players interpret regulatory crackdowns as a signal to "clean out bad money," believing this can squeeze out speculative bubbles and make the market more robust. If you look back, every bull run has seen USDT undergo similar stress tests.

Newcomers and veterans react completely differently.
Newbies panic when USDT drops, thinking "even stablecoins aren't stable anymore"; seasoned players remain unusually calm, some even calculating arbitrage opportunities. The market grows wildly amid such differences—old rules are collapsing, new logic hasn't fully formed yet, but the direction is already clear.