#加密市场回调 Who is "playing people for suckers" in the cryptocurrency market on Black Monday?

On the afternoon of September 22nd, Beijing time, the cryptocurrency market suddenly experienced a 'cliff dive.' Bitcoin consecutively lost key support levels within a few hours, plummeting to as low as $111,800, marking a nearly 3% daily decline. Ethereum also experienced a sharp drop of 9% to $4,075, while mainstream altcoins such as Solana, Cardano, and Dogecoin all fell by over 6%-10%. According to Coinglass data, the total value of liquidated contracts in the cryptocurrency market reached a staggering $1.7 billion in the past 24 hours, leading to the liquidation of over 400,000 positions. Of these, long positions accounted for $1.614 billion, while short positions amounted to just $0.086 billion. In just one hour, the total value of liquidated contracts exceeded $1 billion, with 97% of them being long positions. The largest single liquidation was worth $12.74 million. This wave of liquidations also affected $109.7 million in smaller assets, and tokens like ASTER, which have shown strong performance recently, also faced significant liquidation.
Market analysts believe that the main reason for this sharp decline is a series of forced liquidation triggered by excessive leverage and the overheating of altcoin prices. The Federal Reserve cut interest rates by 25 basis points last Thursday, but Chairman Powell defined it as a "risk management" rate cut, failing to meet the market's expectations of significant easing, causing concerns about insufficient future fund inflows.
Technically, Bitcoin broke below the key support level of $11.43 million, triggering a large number of long liquidations, leading to a waterfall effect. Ethereum and altcoins saw a much larger decline than Bitcoin, with the ETH/BTC exchange rate falling to 0.037, hitting a one-month low. The relative strength index once dropped below 20, highlighting the rapid actions of traders. This pullback is within the normal range of fluctuations in the crypto market, with Bitcoin finding support at $111,900 per coin.
Market analysts point out that this may just be a technical correction, and DeFi lending protocols are not facing large-scale liquidation threats. The market needs to pay attention to macro factors such as the US Federal Reserve's monetary policy, the US August PCE price index, and the government's ability to avoid a "shutdown". With buying support at key support levels, the market is expected to gradually stabilize. The "altcoin season" is usually short-lived, and this sharp drop may be a healthy market adjustment, squeezing out excessive leverage bubbles and laying the foundation for a steady upward trend.