(February 5) The cryptocurrency market has experienced a significant decline. The price of Bitcoin briefly fell below the $70,000 mark, reaching a low of about $69,000, with a 24-hour drop of over 7%, setting a new low since November 2024; Ethereum also fell over 7%, reported at about $2,080. Other major cryptocurrencies like SOL and XRP also saw widespread declines. Market data indicates that over 200,000 people globally faced liquidations in the past 24 hours, with a liquidation amount of approximately $1.05 billion, and over 90% of the liquidations were long positions.
This decline is mainly influenced by multiple factors: first, expectations of tightening macro liquidity (uncertainty in Federal Reserve policy), second, continued outflows from crypto ETFs, and third, the liquidation cascade triggered by concentrated leverage positions. It is important to note that the cryptocurrency market is highly volatile, and investors need to carefully assess risks.
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