When the Wall Street clock struck midnight on March 11, the cryptocurrency market suddenly fell into a "black vortex." The price of Bitcoin plummeted like a severed waterfall, crashing over $2,000 in just 30 minutes, shattering the critical support level of $79,940. An anonymous whale was precisely hunted in the Binance futures market, with a liquidation order of $32.08 million detonating like a deep-water bomb, instantly igniting panic across the entire network — this was the bloodiest single liquidation event since 2025.
The Fear and Greed Index plummeted to the "extreme fear" range of 20 points within 15 minutes, a dangerous signal that has only appeared 28 times in the past year, making traders' fingers tremble over the closing key. Data shows that the total liquidation amount across the network exceeded $1.5 billion in the past 24 hours, with over 280,000 retail accounts forcibly liquidated, leading to widespread lamentation in the crypto circle.
[Multiple bearish factors overlapping: Trump and Musk join forces to create a "perfect storm"]
The trigger for this crisis came from two major events: the "Bitcoin National Strategic Reserve" executive order signed by U.S. President Trump, and Tesla CEO Musk's stern warning about meme coins. The former first incorporated Bitcoin into the national strategic asset series but unexpectedly triggered the "paradox of safe-haven assets" — investors suddenly realized that when sovereign nations begin to interfere with cryptocurrencies, their decentralized nature will face fundamental challenges.
Musk's continuous statements on Twitter further exacerbated market turmoil. He first revealed that the X platform faced a "nation-level cyber attack," and then bluntly stated in a podcast interview: "Investing in meme coins is like gambling in a casino; anyone hoping to profit from it is a fool." This statement directly caused popular coins like Dogecoin and Catcoin to plunge 35% in a single day, dragging Bitcoin below the critical point of $77,496.
[Mainstream cryptocurrencies collectively plunge: Ethereum hits a 17-month low]
Panic quickly spread throughout the entire cryptocurrency market. As of the time of writing, Ethereum fell below $1,785, marking its lowest point since October 2023; mainstream cryptocurrencies like Ripple and Litecoin saw declines of over 20%. The total market value of cryptocurrencies evaporated by over $300 billion within 24 hours, equivalent to the GDP of Switzerland.
[Expert analysis: Where is the bottom?]
BitMEX founder Arthur Hayes pointed out in his latest analysis that Bitcoin may bottom out around $70,000, which represents a 36% correction from its historical peak, aligning with the characteristics of a mid-cycle adjustment in a bull market. He specifically reminded investors to pay attention to the movements of U.S. stocks: "When the S&P 500 and NASDAQ indices experience a cliff-like drop, the Federal Reserve and other central banks will be forced to restart quantitative easing, which will inject new liquidity into the cryptocurrency market."
However, market participants generally believe that the "sovereign wealth fund" plan being brewed by the Trump administration could become a key variable. According to informed sources, this fund may directly invest in Bitcoin, and the appointment of former Goldman Sachs banker Michael Grimes suggests that official capital may adopt a more aggressive market operation strategy.
[Survival guide in the crypto circle: Finding opportunities in panic]
In the face of this unprecedented "crypto disaster," experienced traders offered three pieces of advice:
1. Stop leveraging operations and keep positions below 20%
2. Focus on the critical support level of $70,000
3. Closely track the dynamics of the U.S. Treasury; movements of the sovereign fund may become a reversal signal
As cryptocurrency pioneer Andreas Antonopoulos said: "Every crash is the market's self-purification. When the dust settles, true value will rise to the surface." In this war without smoke, 280,000 retail investors paid for the market with real money — in the world of cryptocurrency, never underestimate the wings of a black swan.
#美股大跌 $BTC $ETH
