This weekend was not friendly to the coin holders. It is not an exaggeration to describe the losses as "blood flowing like a river".
Bitcoin fell below $60,000, Ethereum fell below $3,000, and other currencies fell to new lows this year.
The first Bitcoin plunge this year occurred after Bitcoin broke through $69,000 to set a record high. At that time, Bitcoin fell below $60,000 overnight, causing more than $1 billion in liquidation on the entire network, and the Bitcoin volatility index once reached 78.81, close to the highest value in a year.
But at that time, the daily trading volume of Bitcoin ETF set a record of $10 billion. That retracement can also be regarded as a normal retracement phenomenon after the historical high.
The second plunge occurred two months ago when Bitcoin was halved. At that time, the total network warehouse was $935 million, but the Bitcoin retracement was not very serious, only less than 10%. Only Shansai Coin, led by ETH, was almost unscathed, and the crypto market was a bloodbath.
The third time is this time, with more than 1.5 billion liquidations for more than three consecutive days.
Part of the reason for this plunge is that Trump's trades are being closed, and "such trades will be repeated from now until early November.
Trump promised to make the United States a "global cryptocurrency capital" and a "bitcoin superpower". The market expects that if Trump returns to the White House, he will adopt more relaxed fiscal policies and financial supervision.
The market performance of cryptocurrencies has been seen as a representative of the possibility of Trump returning to the White House.
However, Harris's recent popularity in the US election polls has dealt a double blow to the so-called "Trump trade". In addition, weak US employment data, slowing growth in major technology stocks, and concerns about a recession have all had an impact on the decline of Bitcoin.
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