On February 6th, Beijing time, the cryptocurrency market experienced a collective plunge, with Bitcoin dipping to $59,800, a daily decline of over 12%. Ethereum fell below the $2,200 mark, with a daily drop exceeding 10%, and other mainstream altcoins generally declined in the range of 12%-18%.
According to Coinglass data, the total liquidation amount across the network in 24 hours reached $2.705 billion, with over 590,000 investors' positions being forcibly liquidated, among which Bitcoin long positions accounted for as high as 92%. The highest single liquidation order was valued at $11.36 million. The current fear and greed index has dropped to 12, entering an extreme fear zone.
Industry insiders stated that this round of sharp decline is due to several leading institutions redeeming large amounts of Bitcoin spot ETFs, coupled with the breaking of the critical support level at $70,000 triggering programmed selling, further exacerbating the market's leveraged liquidation and increasing the extent of the decline. #BTC何时反弹？ #以太坊L2如何发展？