What caused this round of plunge? SOL is the king of the bull market!
Ethereum spot ETF was officially traded for only two days, and the market began to fall sharply. Ethereum rose due to good news some time ago, and the bad news after the good news was exhausted made it fall much more than BTC and SOL. ETH fell below $3,200, with a 24-hour drop of more than 8%. Ethereum ecological tokens ushered in a significant drop. Bitcoin once fell below $64,000, a drop of 3%, and SOL fell by 2%. In the past hour, the entire network was liquidated for $113 million, of which long orders were liquidated for $108 million and short orders were liquidated for $4.2254 million.
After Mt. Gox repaid its creditors, the trading volume of BTC spot trading pairs on the Kraken platform and the inflow/outflow of the platform did not show any abnormalities outside the range. The decline of BTC may be caused by market sentiment, not real selling.
Crypto risk assets are obviously affected by the Fed's interest rate. When the Fed officially announces a rate cut, funds will continue to flow out to find more profitable assets, thereby driving up the prices of stocks and crypto assets.
"If you are still underwater and can't see the market trend clearly, if you are bullish, it will fall and if you are bearish, it will rise. Follow my homepage clippings and share the profit code for free every day." The market voice is calling for a quick rate cut.
SOL is really fierce. I thought that the launch of Ethereum ETF would squeeze the market of SOL and let some people switch positions from SOL to ETH. As a result, SOL has performed much better than ETH recently. I almost thought that it was not ETH-ETF but SOL-ETF that was launched this week. However, SOL cannot maintain a long-term independent trend under the overall trend of the market, and the pressure around $180 is also not small. I hope it can step back to $160 and $153.
From the current state, SOL will still be strong for a while. I don't know whether the BTC and ETH ETFs will hype SOL's ETF after they pass. This round cannot ignore the capital behind SOL. It is very powerful!
