In the early morning, the entire crypto market experienced a sharp drop. Bitcoin fell from $71,000 to about $68,000, and Ethereum also fell from $3,800 to about $3,600. At the same time, the entire altcoin fell by more than 20% at its craziest moment. However, it has now recovered. Yesterday's long order liquidation data was also very scary.

In the past few hours, the liquidation of long orders is nearly 300 million US dollars. The market in the early morning is really a round of general decline, and every track is going down.

We have also noticed a strange event in the market. From last night to today, the GAS fee on Bitcoin has been extremely high, but there are no new projects like runes and inscriptions.

According to the monitoring on the chain, it was found that someone was frantically collecting bitcoins on the chain, and it was finally found that it was the Ouyi team. Ouyi's bitcoin collection should have lost more than one million US dollars. We will continue to track this matter and analyze the progress later.

At the same time, the entire rune ecosystem and inscription ecosystem have also experienced a significant decline this year, especially $DOG, which has fallen from a high of 0.01$ to around 0.008$, a drop of more than 20%.

Last night [Roaring Kitten] was also doing a live broadcast. So $GME also rose first, and then fell madly. So for this meme on the Solana chain, let's review it with everyone.

[Roaring Kitten] His live broadcast has indeed attracted a lot of attention from people at home and abroad

The main reason for the rapid decline in the market in the early morning was that the United States released non-farm employment data and unemployment rate data at 8:30 last night.

After the release of these two data, the entire market began a round of decline. From the K-line chart of Bitcoin, we can also see that it fell from $72,000 to nearly $71,000, and then began to rise again. But the most outrageous decline actually occurred around 2 a.m. today. This is when a round of exaggerated spikes really began, and the big drop in the entire market also occurred at this time. Mainstream coins like BTC, ETH, and SOL are not so bad, and there is no exaggerated decline. But some altcoins fell by more than 20% or even 30% in an instant. At the same time, there was also a very strong rebound in the second half of the morning today. It is true that the market fell very quickly yesterday, but I personally think these data are okay.

Because the most important data will be released in the early morning of June 13th, Beijing time, when the FOMC meeting will be held. There should be a relevant conclusion on whether the Fed will cut interest rates or when to start cutting interest rates. That time will be more critical to the entire market. After the two data released today, some analysts have lowered their expectations of a US interest rate cut in September from 75% to 50%. These macro information are also very critical to the crypto market.

For the decline last night, I personally think that the market makers used this news to clear leverage. Although the long positions were liquidated at $361 million, $300 million was liquidated at 2:00 Beijing time, during this crazy decline. In fact, the crypto market has not seen such a decline for a long time, so I think clearing leverage is a normal and healthy thing.

Although there will be some data related to the FOMC meeting next week, I think that for the crypto market, the current decline is an opportunity. If you think that the targets are worth buying, you can do some bottom-fishing operations. And although today's decline is relatively rapid, you can see that the decline is actually not bad. Basically, the mainstream coins are 3 to 5 points, and the altcoins are about 10 points. There is no particularly outrageous decline, except for some very few targets. Basically, some tracks that fell badly last night, I think the memcoin track should be counted as one. As of now, the entire memecoin track is still generally down about 10%. But among these memecoins, I found a very interesting point, which is this $BOME, which is the target that was listed on Binance the fastest.

In fact, the real decline of $BOME occurred one hour before this wave of decline, that is, it fell at 1 a.m. Beijing time, and then fell faster, that is, when all the targets did not fall, it fell first. It feels like the $BOME dealer knows what will happen next and predicts the market trend in advance. Looking back at the memecoin that was listed on Binance three days after $BOME was launched to the market, it is definitely inextricably linked to Binance, and the resources, strength and background behind it are very strong. $BOME fell and ran ahead before this big drop, so whether $BOME can be used as a relevant data value for reference, that is, if $BOME suddenly falls or rises, it may reflect some subsequent performance of the entire market. At present, it is not certain about the data of $BOME. Is this an accidental event or a frequent event? We can also pay attention to the performance of BOME when the market soars or plummets next time.

However, the recent performance of BOME is also quite poor. In the recent situation where PEPE and DOG have repeatedly hit new highs, BOME has also remained idle. BOME has been washing for a long time. If you are optimistic about it, I think it should not be a problem to buy it or buy it at the bottom. If BOME can really predict the relevant rise and fall of the market, then the resources and background behind it should still be ok. So I think this target may be put on my list of memecoin investments again, and I will share it with you here. If you are also willing to invest, you can also go and have a look.

At the same time, the entire Binance new currency is now falling quite badly. The more it rose before, the more ugly it fell today. I will not say more. Basically, it is still in a state of general decline.

The more interesting thing today is that on the Bitcoin chain, in the early morning of Beijing time, the GAS fee of Bitcoin is still very high, and the average GAS fee is above 250. As we said before, there is no inscription project. Such a high GAS fee is very unreasonable. As you can see, someone is frantically collecting Bitcoin on the chain. This collection action started from 9-10 o'clock last night, and it has been almost seven or eight hours until now, which made everyone panic. In the end, it was found that it was the address of Ouyi. The collection of BTC by Ouyi this time has led to all kinds of rumors and gossips in the market, "saying that Ouyi Exchange is going to have another problem, and then make such a transfer."

Because one block will burn nearly 5 BTC, I just did a rough calculation. From about 10-11 o'clock last night to now, with so many blocks, Okex should have lost more than $5 million, 50-60 BTC, so I think this wave of collection is a bit confusing. Although Okex officials said that the team was testing a collection program and it has been stopped.

But I think this is a bit too far-fetched. If we look at it from two points, first of all, if the team is really testing the entire collection process, then there must be a serious problem with this team. The second is that there is no clear understanding between testing and development. If you want to test, go to the test site to test. Isn't it crazy to test on the main network? Then the money is burned in vain, which itself does not conform to common sense. So from the worst side, it is that something went wrong with this team, right? It is estimated that this group of teams will no longer exist tomorrow. Such a major mistake will definitely be fired. And like everyone is saying, for example, "Is Okex really in trouble, and then what will happen?" From my personal point of view, I may be more inclined to the official explanation of Okex, because even if it is to be collected, there is no need to do so, right? After the announcement of Okex, it has been completely stopped. So looking at the entire encrypted web3 industry, all teams are grass-roots teams.

It is understandable that Okex has such a problem, but such a loss is also a considerable amount for Okex, so we are also paying attention to the official announcement information of Okex in the future. This kind of thing will really make the market panic, especially when the market starts to plummet. Combined with the above information, I personally tend to think that it is a makeshift team that is just messing around and made a mistake.

In terms of the entire Bitcoin ecosystem, we see that ORDI is doing very well today. Even in the face of a big crash in the early morning, ORDI still maintains a relatively high price of around $60.

At the highest point yesterday, it even broke through $65. The trend of ORDI has been very strong in recent days. But apart from ORDI, basically no one else can compete in the inscription track. Some of the so-called copycat inscriptions have basically been completely wiped out. Including RATS, which is also lukewarm.

The above is all the content of this issue. I hope you will not panic in today's plunge. Stay steady. We will definitely win. The entire crypto market will continue to rise in the next 1-2 years. Welcome to comment or like and follow.