ChainCatcher reported that according to Decrypt, the cryptocurrency market suffered a sharp sell-off on Tuesday night, with Bitcoin prices falling by more than 5%, resulting in a total liquidation of $526 million within 24 hours. Among them, long position liquidations amounted to $453 million and short position liquidations amounted to $73 million.

But analysts said that despite the sharp price drops, these are temporary and not a harbinger of a long-term bear market. In the coming months, Bitcoin is expected to benefit from China's stimulus plan, U.S. employment data, the announcement of FTX's payments to creditors, and the end of the U.S. election season.