The cryptocurrency market experienced a "Black Monday," with Ethereum's intraday decline exceeding 10%, dipping to a low of 2719 USD, and the key psychological level of 2800 USD was breached. This big dump is the result of a resonance between macroeconomic and unfavorable information within the industry.
Significant external pressure: The Governor of the Bank of Japan has sent clear signals for a December interest rate hike, triggering a reassessment of valuations for global risk assets, with traditional arbitrage trading closing pressure transmitting to the cryptocurrency sector. At the same time, market doubts about the pace of interest rate cuts by the Federal Reserve have not dissipated.
Internal concerns are intensifying: Industry leader MicroStrategy has sparked speculation of a possible Bitcoin sell-off due to market cap management issues, coupled with the continued weak inflow of funds into Bitcoin spot ETFs, resulting in a lack of "bottom" buying in the market, highlighting structural weaknesses.
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The cryptocurrency market experienced a "Black Monday," with Ethereum's intraday decline exceeding 10%, dipping to a low of 2719 USD, and the key psychological level of 2800 USD was breached. This big dump is the result of a resonance between macroeconomic and unfavorable information within the industry.
Significant external pressure: The Governor of the Bank of Japan has sent clear signals for a December interest rate hike, triggering a reassessment of valuations for global risk assets, with traditional arbitrage trading closing pressure transmitting to the cryptocurrency sector. At the same time, market doubts about the pace of interest rate cuts by the Federal Reserve have not dissipated.
Internal concerns are intensifying: Industry leader MicroStrategy has sparked speculation of a possible Bitcoin sell-off due to market cap management issues, coupled with the continued weak inflow of funds into Bitcoin spot ETFs, resulting in a lack of "bottom" buying in the market, highlighting structural weaknesses.