On December 1, the crypto market experienced a "black opening" in December, with Bitcoin, Ethereum, and other mainstream tokens falling by over 5% in nearly 3 hours.

On the news front, Bank of Japan Governor Kazuo Ueda stated that if the forecasts for economic activity and prices are realized as expected, the Bank of Japan will continue to raise policy interest rates based on improvements in the economy and prices. This remark triggered a widespread decline in the Asia-Pacific stock markets in the early session.
Trump stated yesterday that he has finalized the candidate for the Federal Reserve Chairman. Last night, overseas markets "small essays" reported that Federal Reserve Chairman Powell will announce his resignation at an emergency meeting scheduled for 7 PM Eastern Time on Monday.
In addition, the People's Bank of China held a coordination mechanism meeting on November 28 to combat speculation in virtual currency trading. The meeting emphasized that virtual currencies do not have the same legal status as legal tender, lack legal compensability, and should not and cannot circulate as currency in the market. Activities related to virtual currencies are considered illegal financial activities. Stablecoins are a form of virtual currency, which currently cannot effectively meet the requirements for customer identity verification, anti-money laundering, and other aspects, and there is a risk of being used for illegal activities such as money laundering, fundraising fraud, and illegal cross-border fund transfers.
These factors are the main reasons for the recent fall. The market will eventually slowly digest the unfavorable factors, and a rate cut by the Federal Reserve in December is basically a foregone conclusion. This morning's cleansing is part of liquidity and position adjustment time; the market has not yet issued a trend reversal signal, but pressure has already surfaced.