Yesterday, Bitcoin and Ethereum fell sharply, which is closely related to the following two main reasons.

First, the stock market is rising. The main outflow of funds yesterday was ETF funds, and the companies behind these funds are not only involved in the cryptocurrency circle, but also traditional stock investment companies. For companies, it is crucial to achieve wealth growth, whether in the stock market or the cryptocurrency circle. When the stock market is thriving and the cryptocurrency circle is sideways for a long time, companies withdraw funds and invest in the stock market to seize short-term profits. This is reflected in the rapid decline in prices after the funds flee on the Bitcoin and Ethereum market.

Second, the geopolitical influence of the Middle East. The trading channel of the Middle East resistance organization is cryptocurrency. Given the precedent of Binance banning Hamas trading accounts, the intensification of conflicts has inevitably led to a large outflow of this part of the funds, which is reflected in the organized retail investors fleeing on the market. Now it can be basically determined that these factors are the cause. With the superposition of two reasons, Bitcoin has directly reached the 60,000 mark.