$ETH Were the longs hurt this time?
The major cryptocurrencies plunged across the board today. Bitcoin falling below 68,000 and Ethereum dropping below 1,900 seem all but certain. Ethereum took the biggest hit, breaking below its strongest quarterly support at 1,900. In four hours, $700 million in long positions were liquidated. Market fear is rising again, and even buyers are too afraid to buy the dip, preferring to look for opportunities in U.S. AI and semiconductor stocks.
Tonight’s PPI data will most likely keep falling, so it’s still best not to risk buying the dip in the short term. Bitcoin at 68,000 isn’t the bottom yet! Even major holders and whales haven’t escaped this sell-off; their positions are being liquidated one after another. On top of that, ETF funds keep flowing out. The big players are now looking to completely wipe out leveraged long positions.
Still, Cai Bao believes PEPE is the strongest altcoin, and there’s no arguing otherwise. It has carved out an independent rally. Accumulation and token distribution have already been well established, and with Sun’s celebrity effect, it has no shortage of narrative or attention. If funds flow back into the Meme sector next cycle, PEPE could very well be one of the first hot picks to take off!
The major cryptocurrencies plunged across the board today. Bitcoin falling below 68,000 and Ethereum dropping below 1,900 seem all but certain. Ethereum took the biggest hit, breaking below its strongest quarterly support at 1,900. In four hours, $700 million in long positions were liquidated. Market fear is rising again, and even buyers are too afraid to buy the dip, preferring to look for opportunities in U.S. AI and semiconductor stocks.
Tonight’s PPI data will most likely keep falling, so it’s still best not to risk buying the dip in the short term. Bitcoin at 68,000 isn’t the bottom yet! Even major holders and whales haven’t escaped this sell-off; their positions are being liquidated one after another. On top of that, ETF funds keep flowing out. The big players are now looking to completely wipe out leveraged long positions.
Still, Cai Bao believes PEPE is the strongest altcoin, and there’s no arguing otherwise. It has carved out an independent rally. Accumulation and token distribution have already been well established, and with Sun’s celebrity effect, it has no shortage of narrative or attention. If funds flow back into the Meme sector next cycle, PEPE could very well be one of the first hot picks to take off!
