**Cryptocurrency market collectively declines, with over 200,000 traders liquidated**
The cryptocurrency market experienced another sharp decline on the evening of October 14th, with Bitcoin dropping below $110,000, representing a 4.6% decline.
Ethereum fell below $3,900, with losses exceeding 8%.
Major cryptocurrencies collectively declined, with Dogecoin, Binance Coin, and Cardano all experiencing significant drops.
According to CoinGlass data, 206,600 traders globally were liquidated in the past 24 hours, with total liquidations reaching $656 million. Long positions accounted for $475 million in liquidations, while short positions totaled $182 million.
U.S. crypto-related stocks broadly declined.
According to BlockBeats, the U.S. Eastern District Federal Court (EDNY) announced on October 14th that the United States seeks to seize 127,271 bitcoins (approximately $12 billion) related to a transnational "pig butchering" scam operated by Chinese citizen CHEN ZHI.
Additionally, recent research from Deloitte indicates that approximately 25% of Bitcoin could be exposed to quantum attack risks. If these bitcoins are not transferred to quantum-resistant addresses in time, the deployment of powerful quantum computers could result in losses of hundreds of billions or even trillions of dollars. Charles Edwards, founder of digital asset management firm Capriole Investment and long-time Bitcoin advocate, noted that quantum computing threats are more imminent than commonly perceived, urging the community to build defensive systems before 2026.
At 00:20 Beijing time on Wednesday morning, Federal Reserve Chairman Powell will deliver a speech at an event hosted by the National Association for Business Economics, focusing on "Economic Outlook and Monetary Policy." Industry experts believe Powell's remarks could influence market expectations regarding the pace of rate cuts and overall monetary policy, determining whether the current downward trend in cryptocurrency markets will intensify or stabilize.
Last week, following tariff threats from President Trump, cryptocurrency markets experienced a "major washout" with mainstream coins collectively declining sharply. CoinGlass data showed liquidations exceeding $19.1 billion on October 10th, reaching a historical high. Although markets recovered somewhat afterward, the trauma from that day's crash continues to unsettle investors.
Blockchain data company Santiment noted that Friday's selloff was not solely driven by tariff news. While retail traders quickly blamed the crash on tariff confrontations, deeper structural issues are accumulating, including excessive leverage and extreme concentration of long positions.
TD Cowen analysts stated in a recent report that U.S. senators are moving slowly in advancing cryptocurrency market structure legislation, potentially delaying passage until after midterm elections.
Over the past year, several Democrats have expressed concerns about President Trump's association with digital assets, further complicating the legislative process. Calculations show that Trump has earned approximately $620 million through his family's cryptocurrency projects, including the World Liberty Financial decentralized finance stablecoin project and the "TRUMP" and "MELANIA" meme coins.