December kicks off with a bang! BTC crashes to 87,000, 170,000 people liquidated 500 million💥

In the past two days, the cryptocurrency market has directly entered "hell mode"; regulatory hammering has caused a market collapse, with both longs and shorts being pressed to the ground. Here are the core highlights👇

🚨 Regulatory madness! 13 departments label stablecoins as "illegal"

The central bank, leading 13 departments including the Ministry of Public Security and the Cyberspace Administration, is conducting a "joint strangulation". For the first time, it has clearly stated: **stablecoins are virtual currencies**! It targets the hidden issues of money laundering and cross-border fund transfers, and reiterates that all virtual currency-related businesses are illegal financial activities. Moving forward, there will be strict dual-line inspections of information flow and capital flow, drastically compressing the speculative space in the cryptocurrency market. This news has directly doused the market with a bucket of cold water.

💸 December opens dark! BTC crashes below 87,000, 170,000 people liquidated 500 million

On the morning of December 1st, the market collectively "plunged"; BTC saw a sudden drop of over 5%, briefly falling below the 87,000 USD mark; ETH fared worse, dropping over 5% to 2,900 USD, closing at 2,837 USD. XRP and Dogecoin dropped over 6%, while SOL and Ada also fell nearly 6%.

Coinglass data left people stunned: 24-hour total liquidation reached 528 million USD, affecting 177,200 people, among which long positions accounted for 466 million USD, with the largest ETH short position losing a staggering 14.48 million USD, leaving bulls questioning their existence. There are reports that this is related to the "resignation essay" of the Federal Reserve Chairman, but it is likely false; the essence is still the market's panic sentiment brewing.

⚡ ETH to the rescue? Fusaka upgrade on December 3, capable of processing 100,000 transactions per second

Ethereum fans have something to look forward to! The Fusaka upgrade is scheduled for the evening of December 3 (UTC time 21:49), after the upgrade, it will increase gas and block limits, relying on Layer-2 Rollup to boost transaction throughput to over 100,000 transactions per second. The previous issues of ETH congestion and high fees are expected to be resolved, and whether this technological upgrade can rejuvenate the market will depend on tonight's performance. $BTC #比特币