Why did BTC and ETH suddenly plummet?
Since the end of last year, the expectation that the Bitcoin spot ETF will be passed has driven the crypto market to continue to rise. The dazzling narrative targets such as the Bitcoin ecological inscription and the Solana ecological meme have also risen. The market seems to be climbing up without hesitation, leaving those who expect to "pull back and buy the bottom" far behind.
Entering January, people's expectations for "Bitcoin spot ETF passing on January 10" have become clearer and stronger, but at the same time, investors who have made profits over the past few months are also ready. On the first day of the resumption of work in the new year of 2024, the market's enthusiasm reached a new high after Bitcoin broke through $45,000. But just one day later, the industry suddenly ushered in a "bull market correction" that had not been seen for a long time. The price of Bitcoin fell below $42,000 in a flash, and the entire network's 1-hour liquidation increased to $451 million, which made many "just full-position" investors "tearful".
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