#加密市场回调 Trump's policy disturbances combined with cooling interest rate cut expectations lead to over $900 million in liquidations in a single day in the crypto market

A sudden market shock! Due to the underwhelming implementation of Trump's cryptocurrency policy and the cooling expectations for Federal Reserve interest rate cuts, the cryptocurrency market faced a "black half-day." According to CoinGlass data, over the past 12 hours, the total liquidation amount in the global derivatives market reached $912 million, forcing over 100,000 investors to close their positions. Bitcoin's price briefly fell below the $110,000 mark, hitting a nearly three-month low.

This crash exhibited three major characteristics: firstly, leveraged trading triggered a chain reaction, with the total contract positions across the network exceeding the historical peak of $86 billion before the crash, leading to mass liquidations of high-leverage positions as prices plummeted; secondly, a reversal in policy expectations dominated the market, as Trump signed an executive order allowing pension funds to invest in cryptocurrencies, but the market was dissatisfied with the progress of core commitments like the "strategic Bitcoin reserve," accelerating the withdrawal of institutional funds; thirdly, a liquidity crisis intensified panic, with the aftershocks of the $1.5 billion asset theft incident at Bybit exchange still felt, and investors' trust in platform security continuing to decline.

It is noteworthy that while the weak non-farm payroll data in July reinforced expectations for interest rate cuts, Trump's public pressure on the central bank triggered concerns over policy intervention, causing the dollar index to strengthen against the trend, further suppressing the valuation of risk assets. The current market is in a "policy vacuum period," and whether cryptocurrencies can stabilize depends on the progress of Trump's subsequent regulatory framework and the degree of dovish signals from the Federal Reserve's September interest rate meeting.