Bitcoin rebounded from a high of $92,268 to $99,500 on Saturday before starting another round of turbulence and decline. At the time of writing, it was at a low of $94,300, down 3.19% in the last 24 hours; Ethereum also fell below $3,300, down 2.39% in the last 24 hours.
In the past 24 hours, liquidations amount to $270 million
Against the backdrop of turbulence and decline, according to Coinglass data, the total liquidation amount in the cryptocurrency market over the past 24 hours reached $270 million, with long positions liquidated at $204 million and short positions at $71 million, affecting over 106,000 people.
Reasons for the decline in Bitcoin's price
• Impact of the Federal Reserve's interest rate cut decision: The Federal Reserve recently announced a 25 basis point reduction in the target range for the federal funds rate. Although the rate cut decision met market expectations, the extent did not reach investors' anticipations. This news caused a decline in the U.S. stock market, subsequently negatively impacting Bitcoin's price. Many investors began to worry about the future direction of the interest rate hike cycle in this market environment, suppressing Bitcoin's upward momentum.
• Powell's remarks undermine market confidence: Federal Reserve Chairman Powell's comments further exacerbated market unease. He explicitly stated that the Fed neither intends to purchase Bitcoin nor modify existing financial regulations, which has created more uncertainty about Bitcoin's future. Particularly in the context of the cryptocurrency industry seeking mainstream recognition, Powell's stance has brought some negative sentiment to the market, leading to investor confidence being shaken.
• Market panic spreads: The volatility in Bitcoin's price has led to nearly 300,000 forced liquidations in a short period, involving funds amounting to tens of billions of dollars. This massive liquidation further intensified market panic, causing many investors to choose to withdraw, resulting in a sharp decline in the short term.
Dogecoin (DOGE), as the world's leading meme coin, has recently successfully attracted significant attention from cryptocurrency enthusiasts amid a market downturn. Whale investors in the crypto space have accumulated 250 million DOGE over the past few days.
In the past 48 hours, the price of this meme coin has surged over 25%.
Currently, its trading price is close to $0.32, with an 8% increase in the past 24 hours.
Even with substantial gains, long-term holders have not stopped accumulating this token.
The data on Dogecoin's spot inflow and outflow indicates that in the past 7 days, there has been a massive outflow of Dogecoin worth up to $519.19 million from various exchanges.
In the past week, HYPE's performance has lived up to expectations. HYPE performed excellently, maintaining the position of the second-largest gainer with a 42.7% increase. Subsequently, the token experienced a significant drop, trading slightly below $27. However, following this early setback was a period of price fluctuations, reflecting market sentiment uncertainty.
Finally, all you need to do now is blacklist those who say the bulls are gone and the bears have come!
The bull market is not always fearless in its rise; it is always accompanied by corrections and leveraged liquidations. So don't listen to those who suggest downturns lead to prices starting with 6 or 5. Here, we responsibly tell you that the bull is still there; please believe in your faith! Buy small on minor dips, buy big on major dips. If you hesitate to buy on the way down, will you chase higher prices when it goes up? Slowly accumulate in the spot market, focus on strong sector coins and mainstream coins, and build positions gradually!
