1. The US Federal Reserve (Fed) maintains high interest rates & Persistent inflation

- Event: The US CPI (Consumer Price Index) data for May showed that inflation is still higher than expected (3.3%), while the market expects the Fed to cut interest rates in September. The Fed also announced it would only cut once in 2024 instead of three times as previously predicted.

- Impact on crypto: High interest rates cause the USD (DXY) to rise sharply, investors tend to withdraw money from risky assets such as crypto to move to bonds, gold, or cash. Bitcoin (BTC) drops below $66,000, ETH falls below $3,500.

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2. The US SEC intensifies legal pressure on crypto exchanges

- Event: The US Securities and Exchange Commission (SEC) continues to investigate Coinbase and Uniswap for unregistered securities transactions. Previously, the SEC also rejected VanEck's Ethereum ETF proposal.

- Impact: Negative legal news causes the market to worry about tightening regulations, especially with coins considered "securities" by the SEC (such as SOL, ADA). Many investors are selling off to reduce risk.

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3. Escape from stablecoins & Volatility from "whales"

- Event:

- Tether (USDT) recorded a net outflow of $1.1 billion in the past week, a sign that investors are taking profits or switching to USD.

- A mysterious "whale" sold 1,200 BTC (worth ~$80 million) on Binance, causing panic.

- Impact: The flow of money from stablecoins (which are the "blood" of the crypto market) has decreased sharply, liquidity across the market is shrinking.

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4. The collapse of a major DeFi project

- Event: The DeFi protocol Compound Finance experienced a serious technical error, leading to a leak of $290 million in COMP tokens. Although it has been fixed, the incident raised concerns about security risks in the DeFi ecosystem.

- Impact: DeFi tokens such as COMP, AAVE, MKR all dropped 10-15%, dragging down the entire market.

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5. Global stock markets plummet

- Event: The S&P 500 and NASDAQ indices fell more than 1.5% due to concerns about inflation and tightening monetary policy. Tech stocks (such as NVIDIA, Tesla) are also under heavy selling pressure.

- Impact: Crypto has a high correlation with Nasdaq in 2024. As risky stocks decline, the money "poured" into crypto is also restricted.