On the evening of May 16, the cryptocurrency market experienced a broad sell-off. As of 18:40 Beijing time, Bitcoin and Ethereum had fallen over 3%, with Bitcoin trading at $77,909 per coin, dipping below the $78,000 mark. HYPE plummeted nearly 10%, ZEC dropped close to 9%, while Solana and Dogecoin both declined more than 5%. According to data from CoinGlass, over 150,000 traders were liquidated globally in the past 24 hours.

Affected by geopolitical conflicts, global commodity markets saw sharp volatility overnight, with gold and silver tumbling. Silver plunged over 9%, while international oil prices continued their sharp ascent. At the latest close, COMEX gold futures fell 3.02% to $4,543.60 per ounce, marking a weekly decline of 3.96%. COMEX silver futures dropped 10.59% to $76.30 per ounce, for a weekly loss of 5.65%.

Reports citing U.S. sources indicate the Pentagon is preparing to resume military action against Iran, with the U.S. and Israel potentially resuming strikes as early as next week. Officials have disclosed that one option under consideration involves more intense bombing of Iranian military and infrastructure targets. Another option involves deploying special operations forces on the ground to secure Iranian nuclear materials, with hundreds of such personnel having arrived in the Middle East in March. However, U.S. officials acknowledge this option carries significant risks. Additionally, since the ceasefire in early April, the U.S. has been re-arming warships and aircraft in the region.

In related news, the chairman of Iran's National Security and Foreign Policy Committee stated on social media that Iran has developed a professional traffic management system for shipping routes in the Strait of Hormuz, to be officially announced soon. This system, operating within the framework of safeguarding national sovereignty and ensuring the security of international trade, will be available only to commercial vessels and parties cooperating with Iran. Iran will charge necessary fees in exchange for the professional services provided through this mechanism. The route will remain closed to participants of the U.S. "Freedom of Navigation" program.