#数字资产市场观察 This morning's big dump can be boiled down to three things coming together.

First, let's look at the technical side. Recently, mainstream cryptocurrencies have risen too sharply, and short-term profit-taking has already piled up like a mountain. At this time, the market is the most vulnerable; as soon as someone starts to sell, it will immediately lead a large amount of capital to follow suit—after all, everyone wants to secure their profits.

What's worse is that a rumor suddenly emerged in the morning session saying "the Federal Reserve Chairman is resigning." Although it was later confirmed to be false, at the time it hit the market, it was enough to panic quite a few people. Recently, everyone has been closely watching the trends of interest rate cuts, with their nerves on edge regarding policy dynamics; when such rumors come out, they directly ignite panic.

Then there is the chain reaction at the funding level. Some large holders began to concentrate on selling amid market panic, and leveraged long positions were forced to liquidate, with sell orders piling up thicker and thicker. The price kept crashing down, and more and more people were liquidated, forming a typical cascading fall.

The whole process is: a technical pullback meets a fake news impact, coupled with the main capital seizing the opportunity to cash out. Three forces act simultaneously, causing the market to collapse instantly - this is what happened this morning.