Bitcoin crashed before the weekend, plummeting $10,000 from its intraday high to a low of $53,536. Mt.Gox, the former largest crypto exchange, began to transfer funds to repay creditors. The German government first transferred 1,300 bitcoins before the weekend, and then transferred out another 500. The panic caused Bitcoin to fall below the key 200-day moving average, and caused multiple crypto mining machines to approach the "stop loss" critical point.
The top ten tokens fell across the board
As Bitcoin fell, the other top ten tokens also fell. Dogecoin (DOGE) fell the most, by more than 10%, and other tokens such as BNB, SOL, XRP, ADA, etc. also fell by more than 8%.
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Over the past 24 hours, the entire network has been liquidated for more than $200 million
As Bitcoin plunged again, according to data from Coinglass, the total amount of cryptocurrency liquidations has exceeded US$200 million in the past 24 hours, and more than 80,000 people have been liquidated.
How do you view the future trend of the cryptocurrency market?
Of course, we must see that although the market may still experience volatile adjustments in the short term, in the medium and long term, the cryptocurrency market still has huge development potential.
Secondly, we need to learn to analyze the market sentiment and expectations. The market is currently pessimistic, but some on-chain data such as miners' reserves and exchange reserves have shown signs of bottoming out. This means that market sentiment is gradually improving, and Bitcoin is brewing a new round of momentum for growth. This momentum may come from the Fed's official interest rate cut, new technological breakthroughs in the blockchain field, or the introduction of more market-friendly policies after the dust settles on the US election. In any case, when market expectations improve and funds flow back in, the cryptocurrency market is expected to usher in a new round of prosperity.
Of course, while seizing opportunities, we must also be vigilant about market risks. The cryptocurrency market has always been volatile and the market is changing rapidly. Any negative news may trigger panic selling in the market. Therefore, risk control is always the first priority of investment.
