$FHE 12 The cryptocurrency market has been affected by the Federal Reserve's interest rate cut expectations, leading to a reduction in USD liquidity, with everyone busy selling high-risk cryptocurrencies for safer assets.
Moreover, multiple departments have reiterated that virtual currency operations are illegal financial activities, causing panic among many investors due to increased regulatory pressure. Ironically, FHE itself has a 24-hour turnover rate exceeding 100%, with significant trading volatility. In a market with overall insufficient buying pressure, once an investor starts selling, it easily triggers a wave of follow-up selling.
Additionally, the vicious cycle of leveraged liquidation in the entire market has continuously spread negative sentiment to FHE. With multiple factors coming together, it led to a nearly 29% drop within 24 hours.
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