#加密市场回调 was still celebrating Bitcoin reaching a new high of $124,000 yesterday, and that night was left stunned!

Bitcoin plummeted 4% at its highest, crashing through $118,000;

Ethereum fared even worse, plummeting 6% to the edge of $4,500;

Altcoins collectively crashed, with meme coins like Dogecoin dropping over 10%, completely eliminating everyone's FOMO!

$264 billion evaporated in market value over 24 hours, 215,000 people were liquidated, and $1.03 billion was wiped out—80% of which was from long positions betting on rising prices. The worst hit was a major player who lost $6.5 million on ETH/USDT on OKX!

Last night, "As soon as the PPI data was released, the big players panicked!" The U.S. Producer Price Index (PPI) for July surged 0.9% month-on-month (expected only 0.2%), and year-on-year hit 3.3%. Soaring business costs ignited fears of a resurgence in inflation, instantly triggering a market explosion.

The probability of interest rate cuts in September plummeted from over 70% to rock bottom, with some even shouting, "Interest rates will be raised!" Under high-interest pressure, hot money fled from high-risk assets like Bitcoin, causing tech stocks to collapse alongside U.S. stocks (the Nasdaq fell 0.9%).

Did you think it was just a market manipulation? No, it was a chain reaction of leverage explosions!"

Bitcoin fell 5% in just one hour, triggering $577 million in liquidations, leaving long positions in tears; exchange liquidity dried up: the order book was as thin as a piece of paper, with $8 million able to crash the price; miners and ETFs were hoarding coins.

U.S. Treasury Secretary Janet Yellen's statement, "The government does not buy Bitcoin!" completely shattered the fantasy of a 'national team' stepping in. Although she later clarified that "confiscated coins will be kept," the retail investors were already terrified.