According to recent market dynamics, BTC fell below $50,000, with a 24-hour drop of 16.1%. The market's increased attention to the Fed's emergency meeting may affect the performance of cryptocurrencies as risky assets. In addition, the negative impact of Coinbase in Germany, with a 20% stock plunge, highlights the instability of the market. Lark Davis mentioned that he has reduced his position, but is still optimistic about the future market, which may indicate potential opportunities at the bottom of the market. On the other hand, South Korea's KOSPI index triggered a circuit breaker again, reflecting the increased volatility of global stock markets, liquidity problems closely related to the cryptocurrency market, and the chain reaction caused by the stock market crash in Japan. JumpTrading's transfer of Ethereum to centralized exchanges also shows that market participants are making decisions to increase or sell positions. Against this background, the total market value of the cryptocurrency market briefly fell below $1.9 trillion, showing that investor sentiment is becoming cautious. Overall, the current cryptocurrency market is more volatile due to external economic factors, and the short-term trend is still bearish.