On November 17th, the S&P 500 repeatedly tested the key support level of 6725 points. Goldman Sachs warned that a break below this level could trigger a systemic sell-off in CTAs. The Russell 2000 had already broken down, indicating accelerating downward pressure on the market. Funds continued to flow from technology stocks to defensive sectors such as healthcare and consumer staples, leading to significantly increased short-term volatility in core heavyweights like Nvidia. This deteriorating sentiment quickly spilled over into the crypto market, with Bitcoin falling nearly $93,000 and the crypto fear index plummeting to its lowest level this year. On-chain data showed that whale continued to reduce their holdings, but market support weakened, further increasing short-term volatility in BTC.
BiyaPay analysts stated that the current phase is characterized by "overvaluation digestion + cooling of interest rate cut expectations + risk aversion of funds," with key support for BTC at $80,000.
In this highly volatile environment, BiyaPay users can use USDT to trade US stocks, Hong Kong stocks, futures, and zero-fee cryptocurrency spot contracts, allowing them to more flexibly seize opportunities for market rebounds or hedging.
