Last night, the U.S. stock market opened like a nightmare, and continued to plummet. The cryptocurrency market was also ruthlessly implicated! Bitcoin was hit hard in this storm. It was still at a high point of $65,524 last night, but it plummeted in the blink of an eye.
Just now, it has ruthlessly fallen below the $61,000 mark. At the time of writing, it is now only $61,142, a drop of 5.59% in the past 24 hours! In the past 24 hours, the total amount of cryptocurrency liquidation was about $327 million, and more than 97,000 people were brutally liquidated in an instant!
Bitcoin was hit hard as the U.S. stock market opened last night, and the price of the currency plunged like a waterfall. It has fallen wildly from the impressive high of $65,524. At 9 o'clock this morning, it completely lost the $61,000 mark! At the time of writing, it is struggling to test the support point of July 15, as if desperately looking for a ray of light in the darkness!
Ethereum falls below $3,000
Some of Ethereum's trends are surprisingly similar to Bitcoin! Earlier, it plummeted all the way to a low of $2,913, which was terrifying! At press time, it was reported at $2,951, and the decline in the past 24 hours reached a shocking 7.19%! However, unlike Bitcoin, the support point that Ethereum is currently testing is actually the low point of July 8, as if struggling on the edge of a cliff!
Top 10 Token Performance
The rest of the top ten tokens have all suffered a tragic decline! TRX's decline was relatively small, down 3.43% in the past 24 hours. But SOL was not so lucky, with an astonishing decline of 8.06% in the past 24 hours, which can be called a heavy drop!
The entire network has a liquidation of 327 million US dollars in the past 24 hours
According to the shocking data disclosed by Coinglass, in the past 24 hours, the total amount of cryptocurrency liquidation was as high as 327 million US dollars, which was simply a catastrophe of wealth! Among them, the amount of long orders liquidated was as high as 286 million US dollars, while the amount of short orders liquidated was only a pitiful 41.71 million US dollars. In this terrifying 24 hours, a total of 97,000 people were ruthlessly drawn into the vortex of liquidation!
Community reaction: Lamentations and jokes
Faced with such a drastic market situation, the crypto community was wailing. Many people expressed their feelings on social media and ridiculed their difficult experiences in the crypto market.
1. Wailing and teasing
Some classic jokes have resurfaced in the cryptocurrency community, such as "The U.S. stock market lives in fear of rising every day, and the A-share market is full of fighting spirit every day in the decline, but we are different. We have more than a dozen moods every day. Sometimes we are happy like a fool, and sometimes we are so disappointed that we want to jump off the building." This kind of emotional fluctuation reflects the helplessness and humor of investors in the drastic market fluctuations.
2. “Let’s trade cryptocurrencies together in the next life”
Crypto KOL He Bi posted a joke on the X platform saying "Let's trade crypto together in the next life", further reflecting the community's helplessness and self-mockery about the current market situation.
The four major U.S. stock indexes all plunged, with Intel plummeting 26.6%
On the other hand, the blockbuster news came! The non-farm unemployment rate in July climbed to 4.3%, a record high in nearly three years. This was like a depth bomb, instantly detonating investors' extreme concerns about economic recession!
Under the impact of this wave of panic, technology stocks suffered a heavy blow. Intel was like a kite with a broken string, plummeting 26.6%. Amazon was not spared, falling 8.78%. With most of the technology giants falling one after another, the four major U.S. stock indexes were like athletes diving collectively:
The Nasdaq index plunged 417.98 points, or 2.43%, to close at a heart-wrenching 16,776.16.
The S&P 500 index also plunged 100.12 points, or 1.84%, to close at 5,346.56.
The Dow Jones Industrial Average plummeted 610.71 points, or 1.51%, to close at 39,737.26.
The Philadelphia Semiconductor Index was even worse, falling 251.83 points, a staggering 5.18%, to close at 4607.76 points.
Bitcoin has plummeted repeatedly, where is the bottom?
To be honest, I really don't see any reason for the decline! Almost all the reactions that should have occurred yesterday were completed. For example, the expected interest rate cut and the yen interest rate hike are not the factors affecting today's market at all. Indeed, I didn't see any data that could reverse the market today, and even the trading recession was not seen today.
When the price rose to 63,800, I said that the market was bullish overall. But now that the price has fallen below 63,800, do I need to tell you what to do?
The bullish trend structure since 53,000 has been completely destroyed, and except for the lack of a lower high, the conditions for a trend reversal are almost all in place.
The 4-hour level fell so rapidly, with no signs of brewing, as if there were external factors at work, and after breaking through 63200, a large number of long orders were ruthlessly liquidated.
You can consider formulating a daily trading plan. The biggest problem at the moment is that there is no ideal entry point. It depends on whether the market can give us this opportunity!
Disputes arise again in Season 3!
Breaking news! According to the New York Times, Iranian leaders have ordered an attack on Israel in revenge for the murder of Hamas leader Haniyeh! (Jinshi Data APP)
The Israeli government spokesman made an even stronger statement: Israel will make any party pay an extremely high price for any act of aggression!
In such a tense and turbulent situation, will Bitcoin accelerate its decline? This has undoubtedly become the focus of everyone's concern!
When will the spring of the crypto market come?
While it is unclear whether the drop was caused by the turbulent situation, one thing is clear: even though prices have fallen, there has been no panic!
Early investors still maintain amazing calmness, because there has been no black swan event that can change their mood. You know, in the past four months, there has been a wide range of fluctuations, with the upward trend reaching 72,000 and the downward trend reaching 54,000. Investors' immunity is quite strong!
Even investors with a cost below $62,000 showed no signs of panic during this decline. The large amount of turnover mainly came from investors who bought the bottom in the last 48 hours but were trapped.
In addition, although it fell below the dense chip concentration area of US$64,000 to US$69,000, it can be seen that investors in this range did not panic. The current structure is still quite strong. Again, as long as the support of BTC in this range is not broken, the price elasticity is still very strong!
Now all we need is a stop-loss signal. What is a stop-loss signal?
The key signal to stop falling is: it can fall, but it must form a double bottom or triple bottom with the US needle, and it must not go down another level! Only in this way can the shocking emotional violent reversal be truly formed!
If this signal appears and is confirmed, there will be an extremely violent pullback as early as tonight's non-agricultural data! Therefore, we should pay close attention to this pattern at this moment!
For spot investors, the current entry into the market to buy the bottom of altcoins may be a great opportunity to surpass most people. Investors are advised to focus on old and new altcoins with large declines, increase positions in a ratio of 2:3:5, and pay close attention to market dynamics!
Kind tips
The world of cryptocurrency is like a turbulent sea, full of extreme speculation, and emotions fluctuate like strong winds and huge waves! To achieve sound investment, it is extremely important to establish a risk management system that is completely independent of prices!
You know, paying attention to your own investment philosophy is far better than blindly guessing. This is the key quality that successful investors must have, just like a bright light that illuminates the road ahead!
Well, that’s all for this issue for now. See you next time! If you like it, please follow us so you don’t get lost!
