Data: In the past 24 hours, the entire network has been liquidated for $318 million

According to Coinglass data, the entire network had a liquidation of US$318 million in the past 24 hours, of which long positions were liquidated at US$287 million, short positions were liquidated at US$31.75 million, Ethereum was liquidated at US$102 million, and Bitcoin was liquidated at US$95.64 million.

Altcoins fell across the board, with 80% of the top 200 tokens by market cap in the red. Sun (SUN) continued its gains, up 9.6%, followed by Helium (HNT) up 8.5%, and Floki (FLOKI) up 7.1%. Echelon Prime (PRIME) led the decline, down 12.3%, Aragon (ANT) down 7.8%, and Ethena (ENA) down 6.5%.

The current overall market value of cryptocurrencies is $2.07 trillion, with Bitcoin accounting for 56.2% of the market.

In terms of U.S. stocks, at the close, the S&P 500 and Nasdaq both rose 0.16%, while the Dow Jones was flat.

Yesterday’s plunge announced the end of the rebound and the arrival of the second test. The positive news of Powell’s dovish remarks turned out to be a trap to lure more investors.

In fact, this kind of trap of luring more investors into buying more stocks has appeared twice not long ago:

  • The first time was in mid-May when the news of the approval of the Ethereum spot ETF came out. Funds from all walks of life flocked to buy ETH, resulting in a surge on May 20. As a result, ETH did not continue to rise, but plummeted in early July, even falling below the low point in May.

  • The second time was after the Ethereum spot ETF was listed. Instead of a brief correction followed by a surge like the Bitcoin spot ETF did after its listing, it fell all the way to around 2,100, wiping out the gains for the entire year.

Is now a good time to get on board?

If the market seems to be stable, first check whether the core MEME is jumping. If not, don’t get on board!

I don’t know what algorithms the core MEME market makers use, but they are always accurate! It is a rebound only when both they and BTC rebound!

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If only BTC shows a slight rebound/rebound, and the core MEME basically lies still, then don’t get on board! You will definitely be trapped if you go in!

What should we do in the current market situation?

Bitcoin plunged this morning. There were rumors that 30,000 bitcoins were transferred to Binance yesterday. The transfer took place around 17:30 yesterday afternoon. If the panic started yesterday, later analysis suggested that it was an internal transfer within Binance.

As the market has not yet fully stabilized, there are still many macro concerns. For example, the situation in the Middle East has changed again in the past two days, Nvidia's earnings expectations tonight, and concerns about interest rate hikes in Japan, etc.

I thought the 4-hour level trend was coming out, but today's sharp drop directly smashed all the previous gains and returned to the volatile market.

Although it is difficult to predict in the short term, the overall market outlook for Q4 has not changed.

Someone asked me a few days ago how to trade and buy and sell. My method is very simple:

Mainstream assets are traded based on cycles, and short-term fluctuations have no effect on me. As for copycat assets, you can be more casual about it, based on the increase. For example, if it doubles, you will definitely have to lose money. It is a not too greedy strategy. If you stick to it, you will find it is very effective.

What we can do now is to control our positions, buy high-quality assets such as Bitcoin on dips, and then wait for prices to rise.