This time, Trump has really stepped hard on Iran's "iron plate."

He initially intended to rely on maximum pressure and a few tough words to control the situation, but unexpectedly, Iran responded strongly, refusing to back down, with both military and public opinion hardening.

If we go to war, the costs are too high, and the quagmire is too deep;
If we negotiate, talks break down, and we end up losing face;
If we withdraw, our reputation cannot be maintained, and our image in the upcoming election will be damaged.

It's a classic dilemma of being caught between a rock and a hard place, with no easy way out.

The impact on the market is also very direct:

• Crude oil prices fluctuate wildly, with geopolitical premiums rising and falling unpredictably

• Gold and defense stocks swing back and forth with the situation

• US stocks and the crypto market experience amplified volatility, with black swan risks possible at any time

• Capital shifts between risk aversion and risk appetite, making trading increasingly difficult

This drama is far from over. As long as the conflict escalates further, global markets will have to tremble along. $BTC