With the upcoming interest rate cut cycle, the upcoming Bitcoin ETF, the halving cycle and the eve of the Ethereum ETF, the cryptocurrency market has ushered in a sharp correction.

Since June, Bitcoin has fallen from a high of $72,000 to $63,000 on July 1. Starting from July 2, Bitcoin has fallen sharply, breaking through the support levels of $60,000 and $58,000, and even falling below $53,500 today, with a drop of nearly $10,000 since the beginning of the month. The decline of altcoins in three days generally exceeds 30-50%.

The severity of these two days has exceeded 519, approaching 312. In the past 24 hours, the total amount of liquidation on the entire network reached $686 million, and more than 270,000 people were liquidated. Even with the good news that Ethereum is about to launch an ETF, almost no one can foresee that its price will fall below $2,000.

This decline almost wiped out all the gains brought by the good news of Ethereum. Now it seems that the news of Ethereum ETF has not brought any capital inflow, but has become a tool for short-selling capital to harvest the market.

The decline is apparently mainly due to the potential sell-off of various countries, especially the German government, as well as the Mentougou incident and the rumors of "interest rate hikes" in the market. In fact, the more direct reason is the spot wash and the cleanup of the large amount of leverage accumulated recently due to the positive news of Ethereum and the expectation of interest rate cuts.

Since the US Wall Street capital began to enter the cryptocurrency market, the market trend has become weird, always manipulating the market in an unusual way.

The current situation has completely exceeded my expectations, even with some risk control. In the short term, the repayment work of Mentougou is already underway, mainly involving BCH and BTC. Important non-agricultural data will be released tonight. The previous data had little impact, but considering the current market decline, tonight's data may be more important because the market may need data to boost confidence.

Summary: At the critical moment of the decline, any words are powerless, but opportunities will always appear in panic. Believe in the cycle theory, opportunities always exist.

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