#币圈的天变了吗
In December 2025, the cryptocurrency market experienced dramatic turbulence, which can be described as "upside down," within just half a month, plummeting to brief euphoria and then quickly falling back. The market fluctuated greatly, influenced by multiple factors such as macro policies and institutional expectations. The specific changes are as follows:
1. Beginning of the month crash: On December 1, Bitcoin suddenly crashed, with prices dropping below $87,000, and the intraday decline once reached 5.9%. Since the historical high in October, the cumulative drop has exceeded 31%, and the yearly gains have all been wiped out. Major cryptocurrencies such as Ethereum and Ripple also fell sharply, with over 190,000 people liquidated within 24 hours, and the liquidation amount reached $553 million. The core reason is the delayed expectation of interest rate cuts by the Federal Reserve, leading to a contraction in U.S. dollar liquidity, combined with weak inflow of Bitcoin ETF funds, triggering a chain of liquidations due to high leverage positions.
2. Mid-month brief euphoria: On December 11, the Federal Reserve cut interest rates by 25 basis points as expected, igniting the cryptocurrency market. Bitcoin's daily increase was nearly 4%, reaching a high of $97,429.29; Ethereum's increase was even more impressive at 7.97%, with a market capitalization exceeding $712 billion. Privacy coins and Web3 gaming altcoins performed well, with some cryptocurrencies seeing daily increases of over 80%, leading to a total market capitalization of global cryptocurrencies surging by 4.2%, adding over $140 billion in new market value.
3. Recent decline again: Around December 15, the market faced another downturn, with Bitcoin falling below the $88,000 mark and a daily drop of 2.48%, while major cryptocurrencies like Ethereum and SOL also declined. This drop was due to the Federal Reserve Chairman's ambiguous attitude towards further interest rate cuts, leading the market to lower its expectations for rate cuts. Over 115,700 people were liquidated within 24 hours, with a liquidation amount reaching $270 million. Additionally, Standard Chartered Bank halved its price forecast for Bitcoin by the end of the year and next year, further undermining market confidence.
In summary, the cryptocurrency market's drastic fluctuations in December are essentially a reflection of its high sensitivity to macro policies and liquidity, as well as its weak high-leverage structure. Such extreme fluctuations in a short time also amplify the speculative atmosphere and risks in the market.