These past few hours have really been chaotic! I originally thought the position at 97000 could hold steady, but who knew that a barrage of bad news would come one after another, leaving the market stunned. Is this the reason for the sharp drop over a few hours?

Let's talk about what specifically happened:

1. Trump has made big news again

- A New York court rejected his request to delay sentencing, meaning he may have to face trial before the election

- Then he made some bold statements at Mar-a-Lago, saying he wants to annex Canada and seize the Panama Canal, which shocked the international community

2. Musk suddenly poured cold water

- Previously, everyone thought the X platform was going to implement crypto payments, but Musk directly said it's not being considered for now

- He said they would first focus on fiat payments, which extinguished the enthusiasm in the crypto community

3. How severe is the data?

Take a look at this liquidation data from the past 4 hours: #

- A total of 136 million dollars were liquidated

- ETH had over 40 million liquidated

- BTC had 25.1 million liquidated

- DOGE and SOL each had around 6.6 million liquidated

- The worst hit were the longs, accounting for 91.9%

The Federal Reserve's attitude is also not very optimistic:

- It is almost certain that they will remain steady in January (with a 95.2% probability)

- The hope for rate cuts in March is also low, with the probability of maintaining the current interest rate exceeding 60%

In the short term, the market will definitely continue to be volatile, especially with so many negative factors at play. But let's not be too pessimistic; in the long run, the development prospects for cryptocurrencies are still quite good. The most important thing now is to maintain a stable mindset and not be swayed by market emotions. Don't get addicted to various high-leverage contracts...