Crypto keeps falling! BTC plunged to $74k, with over $2.5 billion in liquidations across the network.

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The crypto market experienced a brief sharp decline, with Bitcoin falling below $76,000 to a low of $74,500, leading to a surge in total network liquidations. This volatility is intertwined with multiple factors, including the hawkish signals from the new Fed Chair Kevin Warsh, institutional profit-taking, and the rise of the US Dollar Index. (Context: US "pre-positioned" for another military strike on Iran! Trump skipped his son's wedding as a result) (Background: Warning signs of US stocks being overbought! Shiller P/E ratio approaches the 1999 bubble peak) The crypto market saw a short-term sharp decline on the afternoon of the 23rd (Taiwan Time). After Bitcoin broke below $76,000, it dipped to $74,500, with its 24-hour decline widening to 3.7%. ETH simultaneously slid to $2,007, a 24-hour drop of 4.8%, while total network liquidations continued to climb. The trigger for this sharp decline is directly linked to Kevin Warsh being officially confirmed by Congress as the new Fed Chair. As a more hawkish Fed Chair, Warsh’s lower tolerance for inflation and expectations of an earlier rate hike cycle have caused the market to reprice the interest rate path. Crypto assets, as "risk-priced targets," bore the brunt, triggering a wave of selling pressure. According to the market, this volatility triggered a total network liquidation wave exceeding $2.5 billion, covering BTC longs, ETH shorts, as well as Layer 1 and DeFi tokens. Multiple institutional reports point out that the scale of this volatility is far greater than what a single Fed appointment can explain. Profit booking by Whales, weak capital inflows into BTC spot ETFs, and the simultaneous rise of the US Dollar Index (DXY) have collectively formed the three driving forces behind this selling pressure. Bearish view: Warsh's hawkish signals imply that the interest rate environment in the second half of 2026 will be tighter than the market expected. BTC may enter a "reset phase," potentially testing the $72,000 support in the short term. Bullish view: On-chain data shows that whales are actively accumulating in the $74,500 range. Large addresses (over $10M) have increased their BTC spot holdings by approximately $800 million in the past 24 hours, indicating that institutional capital views this volatility as a "buy the dip" opportunity. In the short term, if Warsh's Fed dot plot expectations continue to push up the 10-year US Treasury yield, the crypto market may face further valuation compression. Investors should pay attention to the BTC $72,000–$73,000 range (200-day moving average) and the next liquidation threshold. This article is not investment advice; please manage your risks accordingly.

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