Hello everyone$BNB ! It's around 10 AM China time, and it's still around 9 PM in the US. The market crashed again last night, hahaha😆 The total market value has dropped by about 6.4% compared to yesterday, from about 2.6T to 2.49T. Bitcoin directly broke 66K, touching a low of around 63K, and is now barely hovering around 64K. The fear and greed index is estimated to have dropped below 10, everyone is freaking out, the crypto winter is definitely back.
I got the data from places like CoinDesk and Yahoo, don't believe me entirely. Follow me a bit
1. The total market value plummeted by 6.4%, it's blood everywhere
The global cryptocurrency market cap is now $2.49 trillion, down 6.4% in 24 hours. Trading volume has exploded to $216B, but it's all panic selling. BTC dominance is still between 57-59%, altcoins are suffering even more, with all 92 of the top 100 coins in the red. On the macro side, tech stocks have crashed, employment data is bad, and risk assets are getting hit across the board, so crypto hasn't escaped either. 2. Bitcoin plunged to 60K, the worst day in history.
BTC is now in the range of 63K-64K, down more than 10% in 24 hours, free-falling from 70K. Technically, it has broken all support levels, and analysts say the 200-day moving average at 58K-60K could be the next bottom. The Fed is hawkish, inflation is causing turmoil, and geopolitical tensions are pushing oil prices; everyone's risk aversion is through the roof. In the short term, if it can't hold 63K, it may continue to probe lower, but being oversold could also lead to a small rebound. 3. Altcoins are lying flat, ETH and SOL are all in the red.
• ETH: around $2,281, down 1.7%-5%, barely holding on but can't withstand much more.
• SOL: estimated to be just over $90, down 7-10%, relatively okay among the top ten but still in the red.
• Others: XRP, BNB, etc. have all dropped 5-10%, DeFi NFT trading volume is sluggish, alt season is completely over. The top ten are mostly in the green, a few memes might be bouncing around, but overall it's bleak. 4. Today's hot news
• BTC fell to 63K, the worst single-day drop in history at 10.5%, even worse than the FTX collapse (according to CoinDesk).
• The market is in full capitulation, old investors are selling, and institutions are also flowing out (according to Coin Bureau analysts).
• Macroeconomics: Nasdaq crashes, Bitcoin ETF outflow of $544M, ETH ETF also saw an outflow of $79M.
• Regulation: The Senate Agriculture Committee is advancing the cryptocurrency market structure bill; CFTC governs digital commodities, but the banking committee is still holding it up.
• Others: BitMine lost $7B, Bhutan sold 22M BTC, the White House is pressuring banks and crypto to discuss stablecoins. 5. Sentiment and outlook.
Currently in extreme fear, the index is estimated at 10-12, it was 14 yesterday, and today it's even lower. The selling pressure on exchanges is huge, and leveraged liquidations are soaring. Short-term volatility has gone crazy, while long-term institutions and the halving foundation are still there, but we need to wait for macro conditions to stabilize.
What to pay attention to tomorrow (February 7, China time):
1. US data: CPI employment, Federal Reserve speeches; if they get more hawkish, they will continue to sell.
2. Geopolitics: US-Iran oil prices are volatile, and crypto is likely to be affected.
3. Technicals: BTC holding 60K-63K is crucial; if it breaks, it will head straight for 58K; a rebound needs to get back to 65K to have any momentum.
4. Regulation: Keep a close eye on any news about the bill, it could turn things around instantly.
5. Reminder: extreme fear often leads to rebounds. Everyone pay attention to me a bit $BNB .
