The total global cryptocurrency market capitalization is approximately $2.64 trillion, remaining basically flat to slightly volatile in the past 24 hours. Bitcoin accounts for about 57.8%–59%, and Ethereum about 10.4%. The Fear and Greed Index (Alternative.me) is around 28, in the fear zone, significantly retreating compared to the previous day.  Major coin prices (around 7 AM Beijing time, data from CoinGecko, etc., 24-hour change) • Bitcoin (BTC): about $75,950, +0.4% • Ethereum (ETH): about $2,238, +0.5% • Solana (SOL): about $90.2, +0.3% • BNB: about $694, +0.3% • XRP: about $1.18, -4.3% • Dogecoin (DOGE): about $0.0726, +0.4% Privacy coin Zcash (ZEC) performed relatively strongly, about $1,331, 24-hour increase about +6.7%. Hyperliquid (HYPE) is about $78.6, with limited gains.  Overnight highlights US tech stocks plunged sharply on Thursday (Nasdaq about -5.5%), affected by concerns over the pace of AI infrastructure investment after the Democratic Party's comprehensive victory in the midterm elections, leading to a decline in risk appetite. The crypto market was under pressure simultaneously, with Bitcoin briefly falling below $76,000 before recovering somewhat. US spot

Friday's session felt more like a breather from Thursday's AI panic rather than a true reversal. The S&P closed at 7376.86, up 0.31%; the Nasdaq closed at 24579, up 1.09%; the Dow closed at 51285, down 237 points, or 0.46%. The Russell saw a slight rebound. Over the week, the S&P still fell about 2.7%, the Nasdaq dropped 3.4%, and the Dow declined 0.9%. The Nasdaq failed to close green for the fourth consecutive week and remains in a technical correction zone—down more than 10% from the October 6 high. Thursday's drop was brutal. After the Democrats took both houses of Congress, the market suddenly started pricing in a potential slowdown in data center construction and tighter AI regulations. The Philadelphia Semiconductor Index fell more than 12% in a single day, Nvidia dropped nearly 9%, AMD fell over 17%, the Nasdaq lost 5.5% in one day, and the S&P's market cap shrank by nearly $3 trillion in a single session. The VIX jumped from around 16 to 28. That kind of drop was not ordinary profit-taking. On Friday, chip stocks recovered some of their losses. The tech sector led gains with about a 1.3% rise, and the semiconductor index rebounded just over 4%. Nvidia rose 2.8%, AMD surged 11%. Consumer staples and financial sectors lagged behind. On the surface, it looked like a buyback, but 70% of sectors still closed lower, and the indexes couldn't fill Thursday's gap. The market is actually trading two things. One is whether the AI regulation narrative has been overpriced. After the election results, funds first dumped everything related to data centers and chips, but on Friday some thought the sell-off was overdone and started buying back. The other is employment data. Nonfarm payrolls increased by 165,000 in October, far exceeding the expected 65,000