#加密市场回调 I understand that you might be looking at a bleak green chart right now. I completely empathize with this mood. The current cryptocurrency market is experiencing an extremely fierce “waterfall decline.”

In simple terms, this is a panic sell-off triggered by macro policy bearish signals and amplified by high leverage liquidations. Bitcoin has fallen below the $80,000 mark, touching as low as approximately $79,000, with over $17 billion (about 120 billion RMB) in assets evaporating within 24 hours.

To help you see the current situation clearly, I’ve broken down the core reasons for this crash and the market’s current state:

💥 Core conclusion: Why is the decline so severe?

It’s not caused by a single factor but by three forces hitting the market simultaneously:

1. “Double blow” from politics and macro policies

Trump’s “tariff stick”: U.S. President Trump again threatened to impose punitive tariffs on Europe, triggering risk aversion in global markets. Funds started fleeing risk assets (like cryptocurrencies) and flowing back into safe assets such as the US dollar.

Fears over Fed Chair nomination: Trump nominated Kevin Woor to be the next Fed Chair, causing concerns that this could prolong or even strengthen hawkish policies, leading to liquidity tightening and a direct sell-off.

2. “Liquidation waterfall”: Mutual destruction of leveraged positions
This is the most direct driver of the expanding decline. The market is filled with too many high-leverage traders.

Mass liquidations: In just the past 24 hours, over $1.7 billion in leveraged long positions have been forcibly liquidated (some sources report even higher), with more than 270,000 traders “forced out.”

Vicious cycle: Price drops -> triggers liquidation -> automatic system sell-off -> prices fall even more -> triggers more liquidations. This “kill-others” scenario causes the decline to fall like a vertical waterfall.

3. Capital is “withdrawing”

Stablecoin outflows: To hedge risks or add to positions, traders are converting their cryptocurrencies into fiat (USD). Data shows over $2 billion has recently flowed out of stablecoins (USDT/USDC), indicating that more cash is “hibernating” in the market, and less capital is available for speculation.

📉 Real-time market “feel”

The market is very cold right now. Whether you hold mainstream coins or altcoins, the pressure is intense. Here’s a table showing the “injury” status of major tokens:

| Coin | 24-hour performance | Current situation description |
|---------|------------------------|------------------------------|
| Bitcoin (BTC) | Crash | Fell below $80K, touched as low as $79K, hitting recent lows, support levels are fragile. |
| Ethereum (ETH) | Heavy decline | Down over 11% in 24 hours, lost key support levels, following Bitcoin’s big drop. |
| Solana (SOL) | Halved | Fell below $100, down about 10-11%, market confidence extremely fragile. |
| Dogecoin (DOGE) | Following the trend | Down over 11%, meme coin’s resilience is almost zero in this big market move. |

💡 At this moment, what should you do?

In the face of such extreme market conditions, my advice is: prioritize survival first, then look for opportunities.

Don’t blindly buy the dip (this is crucial): The current decline is like a snowball rolling downhill, with strong inertia. Until clear signs of stabilization appear (such as shrinking trading volume or a retreat in the panic index), don’t rush in just because it seems “cheap.” You could get buried halfway up the mountain.

Check your leverage: If you still hold positions, be sure to review your margin ratio. During a “liquidation waterfall,” liquidity exhaustion can prevent you from closing positions, leading to a margin call. Preserving your principal is the top priority.

Focus on key support levels: The market is searching for new support points. Currently, Bitcoin’s $75,000–$78,000 range is a critical psychological barrier. If it breaks below this level, be prepared for a longer-term “winter” period.

This storm came fast and fierce. Be sure to control your emotions and don’t let panic consume your rationality. Once this panic sell-off ends and the market stabilizes, opportunities will naturally arise.