This market decline was mainly affected by Japan's interest rate hike, which caused institutions or large investors that had previously borrowed Japanese yen to sell U.S. stocks or crypto assets to repay Japanese yen loans, triggering market panic. Although there have been rumors that the United States may cut interest rates, there has been no action so far. It is now hoped that interest rate cuts will be implemented as soon as possible to attract large amounts of funds to re-enter the market.
During the decline in the past few days, I also carried out bottom-buying operations in batches. Judging from the current situation, the price has returned to around 60,000, which can be understood as a necessary correction in the bull market. As long as it can stabilize above 59,000, the chance of continuing to fall is slim. The next step is to see whether it can return to the 70,000 level. In addition, the U.S. election and U.S. interest rate cuts in a few months will also be important factors in determining market trends. The above is my personal opinion and is for reference only.
