Today's Breaking News: A Panic Sweep, Crypto Market Enters "Extreme Liquidation" Mode
• $BTC Falls Below $61,000: Bitcoin experienced a panic sell-off earlier today, with a 24-hour drop exceeding 10%, touching around $60,500, marking its largest single-day drop in nearly a year. It has since rebounded to around $65,700, attempting to find support.
• $ETH Barely Holds $1800: Ethereum also plummeted, briefly falling below $1,800. This was driven by weaker-than-expected earnings reports from US tech companies and the Federal Reserve's hawkish stance, leading to a rapid depletion of liquidity in risk assets.
• Staggering Liquidation Wave: Over the past 24 hours, total liquidations across the network reached a staggering $2.61 billion, with long positions almost entirely wiped out. This signifies the complete clearing out of highly leveraged long positions in the market. • Macroeconomic warning: The number of initial jobless claims in the United States exceeded expectations, and the market is worried about a hard landing of the economy. Funds are withdrawing from the crypto market on a large scale to traditional safe-haven assets (gold/US Treasuries) 🏛️.
