$BNB It is now 8 PM China time, and it has just passed 7 AM on the East Coast. Today, the market first dropped and then rebounded, with the total market cap falling a bit from around 2.49T to about 2.3T, down 7% over the past 24 hours. Bitcoin touched a low of 60K during the day and is now fluctuating between 65K-66K. The fear and greed index is probably stuck between 10-12, and everyone is in a panic, thinking it’s all over. 1. Total market cap down 7%, 2.3T bleeding.
The global cryptocurrency market cap is now 2.3 trillion USD, down 7% in 24 hours, evaporating 800B in a month. It has been halved from its peak of 4.3T. Trading volume is explosive, but it’s all selling off. Bitcoin's dominance is 57-59%, while altcoins are faring worse, almost all in the red. On the macro side, tech stocks have crashed, and risk aversion is at an all-time high, dragging crypto down with it. 2. Bitcoin pulled back from 60K to 65K, a rollercoaster ride.
BTC is currently in the 65K-66K range, down 8-13% in 24 hours but rebounded 5% at the close. The lowest during the day was 60,057, almost breaking the 60K mark. Technically, it broke all supports, analysts say it might continue to probe down to 40K-50K, geopolitical tensions push oil prices, everyone is fleeing. But there are buy orders coming in at the low point, maintaining 60K in the short term is key. 3. Altcoins are turning green, ETH broke 2K
• ETH: around $1,854, down 13%, completely broke 2K
• SOL: estimated below $90, following the green
• Other: XRP, BNB, etc. all fell 5-10%, the top ten are all red, 92 out of the top 100 coins are in the green, a few memes are jumping around but useless. BTC dropped to 60K, the largest single-day drop was 13%, harsher than the FTX collapse.
• Whale and ETF outflow, UBS directly says crypto is not an asset
• Macro: US tech stocks selling pressure, Bitcoin ETF outflow, ETH also ran away
• Regulation: Senate advances market structure bill, but bank cards are affected
• Other: Indian stock market slightly up, but crypto globally linked collapsed; prediction market bets BTC will break 65K. Tomorrow, February 7th, pay attention to what:
1. US data: CPI employment, Federal Reserve speeches, hawkish continues to crush the market.
2. Geopolitical: Oil prices are tumultuous between the US and Iran, crypto is easily caught up.
3. Technical: BTC defends the 60K critical point, if broken, it'll fall to 50K; a rebound back above 65K is needed for hope.
4. Regulation: Keep a close eye on bill movements, can turn around instantly.
5. Reminder: Extreme fear often rebounds, but play lightly, don’t skimp on stop-loss, data collection is not easy, everyone hit the follow button.
