Cryptocurrency Market Liquidates $650 Million in a Day…Altcoins Take a Major Hit

# Cryptocurrency Market Faces Heavy Selling Pressure, $650 Million Liquidated in a Day New York - Park Jae-hyung, Foreign Correspondent: The cryptocurrency market has been engulfed by significant selling pressure, leading to over $650 million in liquidations within a single day. On the 10th (local time), according to Crypto-Economy, the decline in Bitcoin has sent shockwaves through the entire cryptocurrency market. Ethereum (ETH), in particular, experienced liquidations amounting to $118 million and is currently trading around the $2,100 mark. # Major Altcoins Hit Hard Key altcoins have also suffered substantial impacts. # Macroeconomic Uncertainty and Bitcoin ETF Inflows Decrease Several macroeconomic factors appear to have contributed to this sharp downturn. **Geopolitical Tensions**: Rising global uncertainties are exacerbating the volatility in the cryptocurrency market. **U.S. Economic Data Release**: Recently disclosed U.S. economic indicators have shown stronger-than-expected results, increasing the likelihood that the Federal Reserve will maintain its high-interest-rate policy for an extended period. This has heightened risk-aversion sentiment in the market. **Decrease in Bitcoin ETF Inflows**: The fund inflows into Bitcoin ETFs have decreased by 48% compared to the 14-day average, adding to the selling pressure in the market. # Bitcoin Dropping to $78,000? As the cryptocurrency market navigates through uncertainty, industry experts are closely monitoring Bitcoin's future movements. Former BitMEX CEO Arthur Hayes has projected that Bitcoin could fall to $78,000, identifying the key support level at $75,000. If Bitcoin drops to the $70,000-$75,000 range, market volatility could further increase. While the short-term price movements remain difficult to predict, some investors continue to anticipate long-term upward potential.