The big one is coming, and the market will directly lose 200 billion US dollars!

Technical analysts have warned that the cryptocurrency market could be heading for a deeper pullback.

As of today, the spot market has suffered a direct loss of US$200 billion!

The total crypto market value fell below $2.35 trillion, with a 24-hour drop of 4.6%.

Among them, the price of Bitcoin (BTC) once approached $60,000, which was the lowest level since early June. Compared to recent highs, BTC prices are down more than 10%. Ethereum and other major cryptocurrencies: Ethereum (ETH) price fell to $3,217. Solana (SOL) price crashed by more than 7%. Ripple (XRP) also faced significant losses. Overall market capitalization: Over the past week, more than $200 billion has been lost from the total cryptocurrency market capitalization.

Thursday’s PCE data may usher in a reversal!

The main reason is that traders are betting that the Federal Reserve will turn dovish as inflation, as measured by consumer price index (CPI) data, eases, while a political upheaval in Washington could mean that U.S. regulators become more friendly to cryptocurrencies.

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