Bit "Tet holiday" dropped to as low as 98,000 USD, the entire market is on fire. The red color of Tet coming to spring is joyful, but the red color of the crypto market only brings "tears".
Bit "Tet holiday" dropped to 98,000 USD, the entire market is on fire
At the beginning of the week on 01/27/2025, the cryptocurrency community continued to witness a deep dump of Bit before the Asian market "stirring" to take the Lunar New Year holiday.
Bit from 105,000 USD began to plummet to as low as 98,000 USD, meaning it "flew away" 7k in price in less than 24 hours.
Bit price fluctuations in the past 24 hours, screenshot from CoinGecko at 02:30 PM on 01/27/2025
Ethereum was even "more difficult", flying nearly 300 in price, from 3,340 USD down to only around 3,040 USD. If Bit dumps further, ETH is likely to drop to "the beginning of 2".
ETH price fluctuations in the past 24 hours, screenshot from CoinGecko at 02:30 PM on 01/27/2025
Solana also could not maintain its performance before this "typhoon", having dropped more than 13% in the past 24 hours, currently only around 220 USD.
SOL price fluctuations in the past 24 hours, screenshot from CoinGecko at 02:30 PM on 01/27/2025
The reason the market dumped so strongly is that this is the time when Asia begins the Lunar New Year holiday, which usually "cash out" from the stock market as well as crypto.
In addition, there is also a not-so-favorable news, which is the launch of the DeepSeek bot of a Chinese start-up, rumored to be as powerful as ChatGPT but with lower production costs.
U.S. futures are negative heading into Monday open (NASDAQ index -2.24%), after the launch of DeepSeek (a Chinese competitor to ChatGPT)
— Miles Deutscher (@milesdeutscher) January 27, 2025
AI stocks expected to take a beating today. pic.twitter.com/BOsQj2eF5q
That's why investors are panicking and dumping AI technology stocks, affecting the AI sector of the crypto market.
More than 90% of the nearly 600 million USD in liquidation are long orders, sweeping away the "Tet money" of who knows how many investors.
Liquidation data in the Derivative market, screenshot from CoinGlass at 12:30 PM on 01/27/2025
Compiled by Coin68
