The market has declined for three consecutive days, and the total market value of the cryptocurrency market has dropped from a peak of 3.7 trillion to the current 3.45 trillion. What are the main reasons for this?

1. In the early morning of December 10, Beijing time, Google launched its latest quantum chip 'Willow' and claimed significant achievements, raising concerns that this chip could pose a threat to the security of cryptocurrencies. This has affected investor confidence.

2. The short-selling behavior of MicroStrategy's stock has also affected market sentiment to some extent.

3. Major shareholders of Microsoft opposed the company's Bitcoin investment proposal on December 10, local time, and will not invest in Bitcoin for the time being.

4. Market sentiment has been overly heated, with a decrease in trading volume over the past two days: According to Coinglass data, both contract and spot trading volumes peaked on December 8 and 9, while the overall trading volume in the cryptocurrency market saw a certain decline on December 10 and 11.

5. The U.S. will announce the November CPI data at 8:30 AM on December 11, which is an important indicator of inflation, and the U.S. will determine the rate cut extent in December based on the inflation situation. The extent of the rate cut and the amount of liquidity will affect people's preferences for risk assets.