The cryptocurrency market fell sharply again, causing 70,000 people to blow up their positions. This market volatility was mainly caused by several factors:

1. The market reacted coldly after the listing of Hong Kong ETF: Although the market had high expectations for the listing of Hong Kong ETF, after the listing, the event seemed to have exhausted all the positive news. The serious mismatch between the initial high expectations and the actual trading volume exacerbated the instability of the market. The market expected the first-day trading volume to reach at least US$500 million, but the final trading volume was only US$85 million. This huge gap disappointed many investors.

2. Binance founder CZ Zhao Changpeng sentencing hearing will be held: The upcoming appearance of Mr. Zhao, an important figure in the cryptocurrency field, has increased market uncertainty. Mr. Zhao’s legal problems may have a significant impact on the cryptocurrency market, and market participants are sensitive to this and worry about possible negative consequences.