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On April 13, a report from CICC stated that as the short-term factors boosting the dollar fade, the narrative of restructuring the global monetary order and the weakening of dollar hegemony may once again dominate market direction: the U.S. continues to accumulate net external liabilities, which strengthens the demand for dollar depreciation; the high uncertainty surrounding Trump's policies has not alleviated the risks of 'weaponizing' the dollar, which is also suppressing market demand for U.S. assets. If the new Federal Reserve Chair, Waller, can implement the 'balance sheet reduction' policy, it could objectively help restore the credibility of the dollar. However, Waller's policies are constrained by the capacity of the real economy and financial markets, as well as political factors, and Trump's foreign, trade, and economic policies continue to negatively impact the dollar's credibility. Considering the overall impact of Waller's and Trump's policies, we cannot conclude that the credibility of the dollar will improve in the future. We expect the global monetary order to continue restructuring, driving the dollar to maintain a long-term depreciation trend. (Jin Shi)

BlockBeats News, April 13th: In the wake of failed US-Iran negotiations, Trump threatened to resume limited military strikes against Iran. He announced plans to begin implementing a maritime traffic blockade for all entry and exit points of Iranian ports on April 13th at 10 a.m. Eastern Time (10 p.m. Beijing Time today). According to Bitget market data, early Monday trading saw Brent crude and WTI crude futures open with an 8% surge, with major US stock index futures down over 1%, the US dollar up over 0.4%, and spot gold and silver opening with a more than 2% decline. As for the crypto market, facing downward volatility, according to an exchange market information, Bitcoin fell below $71,000, with a 3.1% loss in 24 hours, while Ethereum briefly surged past $2,200 early morning before retracting to $2,192, marking a 3.97% decrease in 24 hours. Solana is currently trading at $81.5, and an exchange Coin is at $592. The total cryptocurrency market cap dropped by 2.8% in nearly 24 hours, now standing at $2.49 trillion. The top-performing altcoins are: an exchange Life with a 24-hour increase of 27%, now at $0.1773;ENJ with a 24-hour increase of 21.3%, now at $0.038;SOLV with a 24-hour increase of 14.3%, now at $0.0047;HUMA with a 24-hour increase of 13.2%, now at $0.017;TRU with a 24-hour decrease of 15.6%, now at $0.0081;PARTI with a 24-hour decrease of 12.7%, now at $0.0043;DASH with a 24-hour decrease of 11.3%, now at $40.9;FF with a 24-hour decrease of 10.95%, now at $0.078.

Golden Ten Data, April 13 - According to a research report by CICC, after the short-term factors boosting the US dollar fade, the narratives of a reconstructed global currency order and waning US dollar hegemony may once again dominate market direction. The continued accumulation of the US’s net external liabilities strengthens calls for US dollar depreciation; the high degree of policy uncertainty under Trump, and the unmitigated risk of “weaponization” of the US dollar, are also dampening demand for US assets in the market. If the “balance sheet reduction” policy advocated by the incoming Federal Reserve Chair Walsh can be implemented, it would objectively help restore confidence in the US dollar. However, Walsh’s policy is constrained by the resilience of the real economy, financial markets, and political considerations, while Trump’s foreign, trade, and economic policies continue to have a negative impact on the US dollar’s credibility. Taking into account the overall influence of both Walsh’s and Trump’s policies, there is no conclusive evidence that the credibility of the US dollar will improve in the future. We expect that the global currency order may continue to be restructured, supporting a long-term depreciation trend for the US dollar.