Bitcoin, which has been fluctuating below $70,000 recently, suddenly plummeted from a high of $69,674 to a low of $66,000 this morning (2nd). As of the time of writing, it has risen back to around $67,000. The drastic fluctuations have caused a large number of liquidations in the cryptocurrency leveraged contract market.
In the past 24 hours, more than 153,000 people have been liquidated in the current cryptocurrency leveraged contract market, with the total liquidation amount reaching US$475 million. The largest single liquidation occurred on the OKX exchange, with an investor worth US$7.48 million ETH-USD -SWAP order was liquidated.
Looking at the data, the liquidation volume this time is mostly concentrated on long orders (short sales), which is about 5.5 times more than short orders.
U.S. manufacturing PMI unexpectedly expanded, and expectations for an interest rate cut in June once fell below 50%
What is the reason for the sudden plunge in Bitcoin? The unexpected performance of US manufacturing data last night may have sounded the alarm in advance, or it may just be that the contract market is "deleveraging".
The U.S. Institute for Supply Management (ISM) released the Manufacturing Purchasing Managers' Index (PMI) last night. The data showed that the PMI in March was 50.3, the highest since September 2022, indicating that the U.S. manufacturing industry is recovering from a high-interest rate environment.
The unexpectedly strong PMI performance once suppressed market expectations for a rate cut by the Federal Reserve. Data shows that after the news came out, the market expected that the probability of a one-point interest rate cut in June once fell below 50%, but it had risen to 62.1% as of writing. In addition, the market generally predicts that there will be no interest rate cut in May.
After the PMI was announced last night, both U.S. stocks and Bitcoin fell. The Dow Jones index closed down 0.6% at 39,566 points. Bitcoin also fell to $68,000 last night, and the decline suddenly expanded this morning. Pin to 66000.
Which tracks are the most cost-effective to choose after the crash?
As the market enters April, Bitcoin (BTC) is less than 19 days away from its halving. Historically, after each halving, Bitcoin prices have risen rapidly within 6 to 12 months and reached all-time highs.
In this process, whenever Bitcoin loses momentum and pulls back, it will often usher in a wave of altcoin season. Therefore, the Bitcoin halving is not just a carnival for big pie investors, but also for various market participants. All have important influence.
Judging from the trends before and after the past halvings, if history repeats itself, Ethereum, the king of altcoins, will surpass Bitcoin in terms of growth in the coming months, with the most likely time being between May and June.
However, not all altcoins can reap dividends. You must participate in the altcoin market in the correct way and study current hot trends, project fundamentals, etc., in order to have the opportunity to achieve more than 10 times the reward.
Artificial Intelligence (AI)
The first is AI. From 2023 to 2024, we can already see that the AI field is driven by artificial intelligence applications such as ChatGPT. With the training, upgrading and development of new models of AI, its market will undoubtedly continue to grow. For this reason Projects that can provide solutions for artificial intelligence development are the targets that investors must focus on next.
AI：AGIX、WLD、FET、AI、NMR
Decentralized Physical Infrastructure Network (DePIN)
Secondly, the decentralized physical infrastructure network (DePIN) is also seen as another track that may explode. This is because the concept of DePIN is simple and easy to break the circle. It uses reward tokens as incentives and a low-threshold participation method to encourage people to share resources and jointly build real-world infrastructure.
DEPIN:FIL、ICP、TAO、LPT、IOTX
Memecoin, RWA, Gamefi
In addition to the above two main tracks that have emerged, it is believed that meme coins, real world assets (RWA) and gamified finance (GameFi) are also the key to the crazy growth of the next round of altcoin market. Among them, meme coins are high-risk. , but the potential income is huge and can bring good liquidity and publicity effects to the market; RWA connects real-world assets with the blockchain world, while GameFi combines games with blockchain technology. These three tracks It will be of great help to break the circle of Web3.
meme:PEPE、WIF、BOME
of：ONDO、POLYX、TRU、TOKEN、MKR
gamefi：PORTAL、GALA、YGG、BIGTIME、
In fact, you can also take a look at the SOL series, but due to the recent explosion of the SOL ecosystem, various leading brands have increased a lot. Let’s wait for a big correction to see if there are any opportunities.
Later, I will bring you analysis of leading projects in other tracks. If you are interested, you can click to follow. I will also organize some cutting-edge consulting and project reviews from time to time. Welcome all like-minded people in the cryptocurrency circle to explore together. If you have any questions, you can comment or send a private message
