In the past 24 hours, the total market value of the crypto market has fallen by $91 billion. After 12 hours of bull-bear game at $60,000, Bitcoin began to "fall" at 9 am today, briefly falling below $58,000 and once again falling to the low of a week ago, with a 24-hour drop of 5.72%.
In addition to Bitcoin, mainstream Altcoin also began to fall. The crypto market was liquidated by nearly $100 million in one hour, accounting for half of the past 12 hours. The mainstream tokens of the Ethereum ecosystem, such as LDO, ETHFI, and ENS, fell by 8% to 20.46% in 24 hours. The Solana ecosystem was not spared either, with JTO, WIF, and TNSR all falling by about 15%.
Bitcoin spot ETF is an important reference for judging market trends. According to data, Bitcoin ETF has experienced net outflows for two consecutive days, with a total outflow of US$34.2 million in two days.
In addition, the lack of new funds entering the market is also an important reason why the market is difficult to meet market expectations.
The total market value of stablecoins in the crypto market has been growing steadily since the middle of last year, and the overall market has continued to rise at that time, with obvious signs of a bearish turn to bullish. However, since the beginning of May, there has been no new money entering the crypto market, and the market value of stablecoins has been hovering around $160 billion for more than two months. In the absence of sufficient liquidity in the market, there is no buying power to drive the market up.
Don't forget, today is Thursday, a holiday in the United States and the market is closed for one day.
Based on the expectations of compensation for Mentougou and the shipment expectations of major countries, it is not unreasonable for the short sellers to choose this time to take action after the news was released. The ETF spot on Wall Street in the United States stopped buying today because it was a holiday.
The short sellers picked such a holiday to launch an unexpected attack, which is a bit like a war between religious countries, picking special dates such as Fasting days when the defense level is reduced to attack by surprise.
However, at present, due to poor market liquidity and pessimistic sentiment, the key support position has been reached in a few days, so the situation at this position needs to be watched. In the current market, do not speculate where the bottom is or where the correction ends. Do not be overly pessimistic or overly optimistic. We can only gradually see the market reaction based on the situation of each different support.
Will the BTC continue to fall?
According to the monthly chart and weekly chart, the support level is around 60,000 US dollars. According to the miners' shutdown price, it is also around 60,000 US dollars. According to AHR999, it is now in the fixed investment range. According to the BTC rainbow chart, it is now in the bottom range. So, what else do we have to worry about?
Personally, I think that even if the market falls further due to panic, it won’t fall much further at most. +
Therefore, since our goal is far away, let's hold on firmly. If you haven't had enough, you can add to it in batches now. The more it falls, the more you buy, and your opinion remains unchanged.
Don’t worry, the current market situation is the same for most people!
Who doesn’t have a VC project that has dropped by 50%-70%?
85% of the projects in the crypto are VC projects (listed on exchanges after private placement in the primary market). According to statistics, in the past two months, almost all VC projects have fallen by an average of 60%-70% from their peak, and many projects have fallen by 95%, which is basically equivalent to zero. VCs raise funds in the primary market, and then compete to get listed on exchanges in the bull market to earn a hundred times the price difference, and then retail investors take over, and then they are completely washed out. Anyone who does not hold a VC project at this stage and has not fallen by more than 50%-70% is actually lucky.
The launch of a U.S. spot Ethereum exchange-traded fund (ETF) that many expected to launch as early as July 2 has been delayed by the U.S. Securities and Exchange Commission (SEC), and in fact, the smart money last week also explained the delay.
Ethereum did not rise as expected, which means that smart money already knew this result in advance and did not increase its positions.
The approval of Ethereum’s ETF may be postponed to the week of July 15 at the latest. At present, the market has basically “despelled” the upcoming ETF approval. Although the probability of a rate cut in September has increased in terms of macro sentiment, the market is indeed “short of money” at present. Currently, European and American stock markets are performing well, and the trend of gold is also very rapid. The liquidity of the risk market has been greatly divided, and the crypto market can get “pitifully little”. Now there is only one word : “endure”!
At this point, let’s talk about BlackRock, the largest Wall Street capital in the United States, which has already invested in major BTC mining farms and COINBASE, and is the largest buyer of BTC spot. Many online institutions have predicted that the United States will control BTC in the future. It is expected that the United States will continue to control ETH, which is a good thing, but also the worst thing!
The fifth month is poor, the sixth month is desperate, and the seventh month is a cliff. Don't panic, the further you go, the stronger the purchasing power. This round of bull market has not yet seen a drop of more than 30%. In each bull market, the BTC has a drop of about 30%. If this round of decline has the first drop of about 30%, the position will be around 5W, which is a normal phenomenon in a bull market. The position of 5W is the opening price of ETF, and it is also the mining cost price of mainstream mining machines. The US stock market continues to rise, and there is laughter and joy next door. The Indian and Indian stock markets have set new highs, Japan and Europe are rising, gold is also recovering, and the peripheral markets are all rising. Only the BTC has fallen. The bottom is not far away. The bigger the wind and waves, the more expensive the fish.
This is the end of the article. I will do a more detailed analysis in the communication group. If you want to join my circle, please contact me directly through the WeChat below!
Want to join the VIP spot group! Welcome to chat with me! Welcome to join us to grasp the next hot spot and maximize the return on investment together!
