The cryptocurrency market experienced a sharp sudden decline, with over 400,000 traders facing liquidation.

The cryptocurrency market just witnessed a collective major plunge!

Data shows that over the past 24 hours, mainstream cryptocurrency prices collectively declined, with the market experiencing a sharp short-term drop. BTC, ETH, DOGE and others saw significant declines.

According to Coinglass data, as of press time, the cryptocurrency market saw 406,200 people liquidated over the past 24 hours, with total liquidation amounts reaching $1.678 billion. Among these, long position liquidations reached $1.595 billion, while short position liquidations totaled $83.44 million.

The liquidation heatmap shows that liquidated accounts primarily involved ETH and BTC, reaching $477 million and $282 million respectively.

On the news front, EU High Representative for Foreign Affairs and Security Policy Kaja Kallas had previously proposed taking action against Russia's financial tax evasion schemes in third countries, including through cryptocurrency channels. European Commission President Ursula von der Leyen also mentioned that to combat Russian energy revenues, this round of EU sanctions would include sanctioning cryptocurrency platforms and prohibiting related transactions.

Some institutions believe that Bitcoin faces heavy selling pressure, though without obvious catalysts, the entire crypto market appears to be affected. From a broader perspective, Bitcoin fell to the key level of $111,900 per coin, a level that has failed to break below multiple times over the past few months. This is also why prices subsequently rebounded, as buyers who previously bought on dips re-entered the market.

Additionally, Trump's recent requirement for H-1B visa applicants to pay a new $100,000 fee directly impacts India's $280 billion IT outsourcing profits. Market participants interpret this move as triggering diplomatic and judicial tensions, which will increase corporate costs in the short term, escalate trade tensions, intensify volatility in tech stocks and the US dollar, and potentially suppress market risk appetite, leading funds to seek safe havens or move toward more liquid assets.

While the cryptocurrency market plunged, spot gold reached new historical highs. As of press time, London gold reached a peak of $3,715 per ounce.