The current cryptocurrency market is facing panic selling, mainly affected by the transfer of Bitcoin by the US government, Mt. Gox and Genesis repayment news, causing Bitcoin to fall below 61,500 USDT in the short term, showing a depressed market sentiment. At the same time, the three major US stock indexes generally fell, further aggravating investors' risk concerns. In addition, the transfer of 24,026,660 XRP and the large-scale Ethereum liquidation indicate that market volatility has intensified. In terms of mining, the difficulty of Bitcoin mining has reached its peak, which may affect future earnings expectations. The opening of the MiCA application of the French Financial Markets Authority provides new trends in regulatory measures in the cryptocurrency field, which may affect the future market structure. The reduction of ETF holdings yesterday also shows the cautious attitude of institutional investors. On the whole, the current cryptocurrency market is volatile and investors need to pay attention to market dynamics and policy changes and do a good job of risk management. The overall cryptocurrency market is currently showing a volatile downward trend.