Collective plunge! Federal Reserve, sudden!
On the morning of December 1, the cryptocurrency market experienced another major drop, with Bitcoin temporarily falling below $87,000, and the daily decline exceeding 5%; Ethereum also saw a decline of over 5%, dropping below $2,900. Coinglass data shows that within 24 hours, the total liquidation in the cryptocurrency network exceeded $500 million, with the number of liquidated individuals reaching 177,200.
The current drop in cryptocurrencies may be related to a rumor circulating in the market about Federal Reserve Chairman Powell. A "small essay" claims that "Powell will announce his resignation at an emergency meeting scheduled for 7 PM Eastern Time on December 1." However, as of now, mainstream foreign media have not reported any related news. Analysts point out that this rumor is most likely false.
U.S. President Donald Trump stated on Sunday that he has decided on the next Federal Reserve chairman. White House National Economic Council Director Hassett indicated that there are signs Trump may finalize the selection for the next Federal Reserve chairman before the end of the year.
177,200 liquidated
Today, cryptocurrencies have all fallen. Bitcoin temporarily dropped below $87,000, and Ethereum fell below $2,900. As of the time of writing, Bitcoin is down 4.22% at $87,100, Ethereum is down 5.35% at $2,837, XRP and Dogecoin are down over 6%, and Solana and Cardano are down nearly 6%.
Coinglass data shows that within 24 hours, the total liquidation in the cryptocurrency network reached $5.28, with the number of liquidations reaching 177,200. Among them, long positions were liquidated for $466 million, and short positions for $61.75 million. The largest single liquidation occurred on Binance-ETHUSDC, valued at $14.4817 million.
