#以太坊 #ETF✅ fell 8%, and US$300 million was liquidated!
The cryptocurrency market is in turmoil! ETH plunges 8%, US$300 million liquidation wave hits💥
Hey friends, the cryptocurrency market has experienced a big turmoil today! 😱In early European trading, the entire cryptocurrency market capitalization has fallen by approximately 4% in the past 24 hours, hovering around $2.42 trillion. Bitcoin and Ethereum led the entire market lower, triggering a significant wave of liquidations. 💸
Specifically, the price of Ethereum fell by approximately 8%, trading at around $3,174. Bitcoin has also continued to pull back recently and retested the 50-day moving average, which is about $64,000. 📉
This sharp drop liquidated nearly $300 million in the crypto derivatives market! Most of these were losses for long traders. 😢
So why are cryptocurrencies plummeting today? The main reasons are as follows:
1️⃣ The cash outflow of spot Ethereum US ETFs is significant, led by Grayscale’s ETHE, with nearly $8 billion left to sell. The poor performance of the Ethereum ETF in the past two days has exacerbated the market's pessimism.
2️⃣ The U.S. stock market has also experienced a large amount of liquidation, with the market value evaporating by approximately US$1.1 trillion, almost equivalent to the market value of the entire Bitcoin. Although less relevant to the cryptocurrency industry, such a stunning stock market liquidation sent shockwaves through global markets.
3️⃣ The upcoming FOMC statement also brings further uncertainty to the mid-term market.
4️⃣ Mt. Gox repays creditors, fueling fears of further cryptocurrency capitulation. The company deposited more than $2 billion into the Bitstamp exchange in the past 24 hours, sending Bitcoin’s fear and greed index down to 68%.
To sum up, today’s cryptocurrency market has experienced quite a storm! Guys, what do you think about this?
#BTC #以太坊大跌 #美国大选如何影响加密产业?