The 618 crash is here! In 24 hours, 190,000 people were liquidated, with a total loss of 478 million US dollars! Mining machines lose money as soon as they are turned on!

On June 18, the cryptocurrency world experienced a terrifying crash.

One friend joked: "Altcoins also followed the 618 discount, I didn't expect it! When I woke up, I was liquidated again. I really want to cry but have no tears."

This month, the cryptocurrency market is like a diving competition, with prices falling all the way. In the long run, after Bitcoin hit an all-time high of $73,775.9 in March, the price began to fall all the way, and has now fallen by more than 10%. But compared with the 70% drop from the peak on June 18, 2020, this time is not too bad.

According to Coinglass data, virtual currency contracts were liquidated for nearly $478 million in 24 hours, involving 190,000 people, with the largest liquidation amounting to $6,437,100. The cryptocurrency market is now truly in a dark period.

The market has now entered a phase that is similar to the worst and darkest bear market cycles in the past, and on-chain transaction volume is getting worse and worse.

Everyone has their own opinions on the reasons for this decline, but one of the main factors is the reduction in the Fed's expectations for interest rate hikes. For the virtual currency market, this means that there is no new money flowing in, and the currency price will naturally continue to fall. If the interest rate cut is delayed, the price will definitely continue to fall in June, and it may take until July to turn around. Because by then, the leveraged funds should have been cleared up, and the market may slowly begin to release some good news, which is also a good time to deploy altcoins.

Now let's talk about the miners. They are really suffering now.

As the price of virtual currencies plummeted, the business of mining machine manufacturers was also greatly affected. The sharp drop in the price of Bitcoin has caused many other virtual currencies to suffer as well. The current situation in the mining industry is still unclear, and it mainly depends on the actual cost of mining for miners. If the cost of mining is higher than the income, then the mining industry may stop production as a normal practice.

Now that Bitcoin has fallen below $65,000, with an electricity fee of 0.5 yuan per kWh and the current difficulty of mining, many mining machines will lose money as soon as they are turned on, such as the Shenma M50, Antminer S19 Pro+ Hydro, etc. For currencies like ETHW, LTC, ZEC, and DASH, there is basically no profit in mining now.