Bitcoin Drops Over 2%! Cryptocurrencies Plunge as Over 147,000 Liquidations Occur

Bitcoin Drops Over 2%! Cryptocurrencies Plunge as Over 147,000 Liquidations OccurThe cryptocurrency market suffered a sharp decline overnight, with Bitcoin dropping nearly 4% at one point. As of press time, Bitcoin remains down over 2%, while Ethereum is down more than 4

Bitcoin Drops Over 2%! Cryptocurrencies Plunge as Over 147,000 Liquidations Occur

The cryptocurrency market suffered a sharp decline overnight, with Bitcoin dropping nearly 4% at one point. As of press time, Bitcoin remains down over 2%, while Ethereum is down more than 4.7%. Over the past 24 hours, more than 147,000 cryptocurrency traders have been liquidated. CME Bitcoin futures fell 2.30% from Thursday's New York close, bringing the week's total decline to 3.09%.

Crypto-related stocks also took a hit, with MARA Holdings falling as much as 7% and Riot Platforms dropping over 5%. Market analysts attribute the recent volatility in the crypto market to several factors, including:

• Government Policy Impact: OEXN platform states that the impact of government fiscal policy on Bitcoin is intensifying. Given the risk it poses to the sustainability of maintaining permanent budget deficits, governments should consider imposing taxes on BTC or banning its use.

• Macroeconomic Environment: The Federal Reserve's continued interest rate hikes and expectations of a slowing global economy are putting pressure on the cryptocurrency market. Investors' risk aversion is rising, leading to capital flight from the cryptocurrency market.

• Market Sentiment: The cryptocurrency market has recently seen a series of negative news, such as platform collapses and tightening regulatory policies, leading to a gloomy market sentiment and weak investor confidence.

In addition to the sluggish performance of the cryptocurrency market, the New York Stock Exchange (NYSE) announced an extension of its NYSE Arca stock exchange's trading day hours to 22 hours daily. Part of Intercontinental Exchange, NYSE said its all-electronic trading platform NYSE Arca's new extended trading hours will be from 1:30 a.m. to 11:30 p.m. Eastern Time, Monday through Friday.

This time adjustment will bring the NYSE Arca stock exchange's trading hours more in line with those of other major international exchanges, providing a longer trading window for global investors. This move also reflects the increasing competition among exchanges and the accelerating trend of market globalization.

However, this adjustment could have an impact on market liquidity and trading costs, requiring careful monitoring.

In summary, the overnight market performance was sluggish, with the cryptocurrency market suffering sharp declines related to government policies, the macroeconomic environment, and market sentiment. The New York Stock Exchange's trading hours adjustment will also have an impact on the market. Investors need to closely monitor market developments and invest prudently.