The trade war between the US and China keeps heating up. The White House announced late Thursday that tariffs on China were now hitting 145% up from 125%. The additional 20% tariffs are due to the country’s complicity in the fentanyl crisis badly affecting many parts of North America. Additionally, Treasury Secretary, Scott Bessent, recently noted that de-listing Chinese stocks was a possibility, although he reaffirmed his confidence that President Trump and China’s President Xi would be able to work things out.

With legacy markets puking this week, crypto has likewise been a bloodbath. With lots of blood already shed, however, the question looms large: Is this a much-needed market reset before we get back to our programming of up-only, or is this just the sign of another clear downtrend to take us further into the abyss?