Bitcoin experiences a sudden sharp drop!
The cryptocurrency market suddenly took a big dive, with Bitcoin directly falling below the $0.06 million mark, dragging down Ethereum as well.
Bitcoin's decline exceeds 6%, with the price now hovering around $59,197.4. Ethereum is even worse, dropping by more than 7% at one point.
In this round, over 0.086 million cryptocurrency investors have lost everything in the past 24 hours, leading to liquidation.
Bitcoin took a rapid nosedive after five o'clock this morning, dropping to as low as $0.058 million at 06:15, hitting the lowest point in nearly ten days.
It seems to be preparing for a second bottoming out, currently at $59,090, down 6.32% in the past 24 hours.
Ethereum once fell below $2,400.
Ethereum's trend is similar to Bitcoin's, hitting a low point after six o'clock this morning at $2,391, down 9.09% in the past 24 hours.
In the past 24 hours, the total amount of liquidations across the network was 0.316 billion USD.
Under the significant volatility of Bitcoin, according to Coinglass data, in the past 24 hours, the total amount of liquidations in the cryptocurrency network exceeded 0.316 billion USD (with long positions accounting for 0.28 billion USD), and over 0.086 million people were liquidated.
Waiting for NVIDIA's financial report, the Dow Jones hits a new historical high again.
Currently, investors are waiting for the release of NVIDIA's financial report. Investor sentiment is cautious, but the four major US stock indices still rose on Tuesday:
The S&P 500 index rose by 0.15% to close at 5625.80 points.
The Nasdaq index rose by 0.16% to close at 17754.82 points.
The Dow Jones Industrial Average rose by 0.02% to close at 41,250.50 points, setting a new historical high.
The Philadelphia Semiconductor Index rose by 1.10% to close at 5,153.63 points.
Different market reactions.
Previously, the cryptocurrency market rallied due to the dovish remarks of Federal Reserve Chairman Powell, but now it has all been reversed. Powell had previously mentioned that rate cuts were coming soon, which excited the market, but now it seems that they were too happy too soon.
Looking at the stock market, the Dow Jones, S&P, and Nasdaq in the United States have all seen a slight increase, with the Dow Jones barely rising by 0.02%. Nike and Honeywell have performed well, pushing the Dow Jones higher. However, Tesla and Amazon have suffered, experiencing significant declines.
In the European stock market, some countries are happy while others are worried. Germany has risen, France has fallen, and the United Kingdom has seen a slight increase.
There are also some economic data. In June, house prices in the United States still rose quickly, but at a slower pace compared to the previous month. Manufacturing index and consumer confidence index have also been released, with mixed results and a lukewarm market reaction.
Why is the cryptocurrency market dropping?
According to institutional analysts, the main cryptocurrencies are digesting the boost they received from Federal Reserve Chairman Powell's hint of lowering the benchmark interest rate from a two-decade high.
How should we view the future market?
Although bitcoin once again fell below $60,000, it has still risen by about 40% year-to-date. Bitwise, a crypto asset management company, analyst Ryan Rasmussen is optimistic about the future market, stating that the current trend is just a common cleansing in a bull market.
Since hitting a high of $73,777 in March, bitcoin has fluctuated between $55,000 and $70,000. Although it briefly fell below $50,000, it quickly rebounded.