As the second quarter began, the price of Bitcoin plunged 5%, sending the cryptocurrency market into a downturn, triggering massive liquidations.
Within an hour, the Bitcoin network liquidated a total of $157 million, with long orders accounting for the majority. Ethereum, Solana, etc. were also hit hard, losing $92.26 million and $17 million in market value respectively.
Money appears to be flowing to memecoins, with their total market capitalization surging to $70 billion, with both old and new tokens gaining ground.
At the same time, Binance Labs was suspected of selling tokens during the crash, involving a major transfer of 9.33 million GMT tokens.
With just over half a month left before Bitcoin’s fourth halving, market sentiment remains cautious. Pay attention to the support of 65,000, if it falls below it effectively, it may continue to decline.
Key points: Bitcoin's plunge triggered market liquidation, funds flowed to meme coins, Binance Labs was suspected of selling coins, the halving effect is approaching, and market sentiment is cautious.
