618 Big Crash! 190,000 people liquidated 478 million US dollars in 24 hours! After the halving, the mining machine was turned on. On June 18, a terrible crash took place in the currency circle. Group members said: "I didn't expect that the altcoins would also catch up with the 618 discount! I woke up and it was liquidated again." This month, the crypto market has frequently seen a plunge, and the long defense line collapsed. Looking at the long-term trend, since Bitcoin hit an all-time high of $73,775.9 in March, Bitcoin has entered a volatile downward channel, and the decline has exceeded 10% so far. But compared with the 70% retracement from the high point on 618 in 2020, this is nothing. According to Coinglass data, virtual currency contracts liquidated nearly $478 million in 24 hours, affecting 190,000 people, of which the largest single liquidation was as high as $6.4371 million. Cryptocurrency enters darkest hour

The cryptocurrency market has entered a phase that coincides with the deepest and darkest bear market cycle in the past, and the fundamentals of on-chain transaction volume are further deteriorating.

There are many different opinions on the reasons for the decline in the market. There are many factors that affect the recent downward trend. One of the main factors is the reduction in the Fed's expectations for interest rate hikes. For the virtual currency market, this means that there is no new capital entering the market, and the continued decline in the price of the currency is a reflection of this. In the case of a delayed interest rate cut, then June will definitely be a negative decline, and the market may only usher in a turnaround in July, because the leverage will be almost cleared in June, and the positive will be slowly released from the end of July. At that time, it will also be an opportunity for the layout of the cottage. Referring to the last 5.6, it basically fell back to the starting point

Mining machines lose money when they are turned on

Miners who rely heavily on the price of coins after the production cuts have also suffered heavy losses, and many people in the mining circle are "crying out in pain".

With the plummeting price of virtual currencies, the shipments and operating income of mining machine manufacturers have been greatly affected.

Bitcoin is the issuance guarantee of many other virtual currencies, so other virtual currencies will inevitably suffer a chain reaction and fall sharply. In addition, the situation in the mining industry is still unclear. It mainly depends on the actual cost of mining for miners. When miners are unable to make ends meet, the mining industry will stop production.

As Bitcoin falls below $65,000, according to the electricity fee of 0.5 yuan/kWh and based on the current mining difficulty, including Shenma M50, Antminer S19 Pro+ Hydro, etc., will lose money as soon as they are turned on.ETHW, LTC, ZEC, DASH, etc. are basically no longer profitable.