Brothers, recently the market has been like walking a tightrope — one news comes and causes a surge, another news causes a plunge, and the psychological defenses are about to collapse. To survive in this round of market, you must understand three things clearly: how macro policies are played, what the leading exchanges are doing, and those invisible systemic traps. Today, we’ll break it down and also give some life-saving tips for beginners.

**The Invisible Ledger Behind Policy Bonuses**

Recently, a political figure shouted "Crypto Revolution," and media coverage has been overwhelming, but don’t be fooled by appearances. Essentially, it’s still business — on one hand, pardoning certain exchange executives to show goodwill, and on the other, pushing stablecoin-related legislation to open the market. It looks like embracing innovation, but in reality, it’s finding new monetization paths for the traditional financial system.

Data speaks: the global stablecoin market has surpassed $300 billion, with over 95% being USD stablecoins. One major use of these on-chain USD is holding positions in government bonds, which means participants in the global crypto market are helping to digest accumulated debt. This move is indeed clever — spreading the pressure of credit expansion worldwide.

But here’s the twist: the speed of policy reversal is also astonishing. An executive order can cause a rally within hours, and an escalation in trade friction can instantly crash the market. Remember the crash in October? When market sentiment shifted, risk assets collapsed collectively, and crypto was no exception. Policy bonuses have a shelf life — once political winds change or elections approach, the crypto market could go from darling to outcast. Never treat anyone as a savior; it’s a bloody lesson.

**Leading Exchanges: Market Pillars or Unstable Factors?**

In the global crypto market, a top exchange controls assets and trading data of 300 million users, and every move can trigger market tremors. But the question is — is this oligopoly really healthy?

First, look at compliance: the exchange has paid hefty fines to mitigate regulatory risks, but after internal documents were exposed, suspicious accounts still exist in large numbers. Simply paying fines doesn’t resolve compliance issues; it’s a long-term project. Risk management loopholes can’t be fully patched within a year, meaning systemic risks always lurk in the market.

More tricky is the increasing competition among exchanges. Not only traditional spot exchanges, but derivatives exchanges, DEXs, cross-chain aggregators — they are all emerging. When liquidity is dispersed, risk events at one exchange are more likely to trigger chain reactions. History shows cases where an exchange’s failure has dragged down the entire market.

**Three Pitfalls Beginners Must Beware Of**

First pitfall: chasing hot coins. New tokens launch every day, but 99% are just schemes to fleece retail investors. Don’t listen to hype from influencers; focus on fundamentals like tokenomics, team background, and on-chain data. Beginners are easily blinded by short-term gains, but often end up holding the bag.

Second pitfall: full position with leverage. In such a volatile market, leverage is an amplifier. It feels great when you’re making profits, but when you’re losing, you get liquidated instantly. The golden rule of risk management: always leave room for psychological tolerance, and never put all your assets on one bet.

Third pitfall: neglecting on-chain security. Scams, hackers, smart contract vulnerabilities — these threats are daily. Don’t authorize unknown DApps casually, don’t keep large funds on small exchanges, and don’t trust any "guaranteed profit" promises.

**How to Survive Longer?**

1. Continuously learn about on-chain risk knowledge.
2. Diversify investments; don’t go all-in on one coin or one sector.
3. Regularly review your holding logic; don’t be led by market sentiment.
4. Keep enough cash reserves; only then can you buy the dip during market crashes.

The crypto market always comes with high returns and high risks — there’s no such thing as guaranteed profit. But those who last the longest are often not the biggest earners, but those who control risks best.