The cryptocurrency market experienced dramatic fluctuations this week, with a large-scale general decline on August 5, affected by the unwinding of yen carry trades. Mainstream cryptocurrencies experienced a rapid decline on the day, but the market subsequently recovered, showing a certain degree of resilience. Nevertheless, the total trading volume for the week was down compared to last week.

The turmoil in the international financial market and the intensification of regional conflicts have further exacerbated the volatility of the crypto market. This unprecedented volatility is quite rare in the history of the development of the crypto market. In particular, on August 5, the total amount of liquidation exceeded $1 billion.

Despite the pressure, the cryptocurrency market has stabilized above $20,000, ending the short-term plunge and entering a new oscillation cycle. At present, the total market value of cryptocurrencies is about $2.09 trillion, up 7.38% in 24 hours, and the market sentiment index remains around 43, and investment sentiment is relatively cautious.