The cryptocurrency market has experienced another turbulent 24 hours. According to statistics, the total liquidation amount across the network reached 759 million USD, affecting over 180,000 investors. This scale is already close to half of what some analysts define as the risk threshold for a bull run.

The cumulative pullback of Bitcoin and Ethereum has reached about 10%, causing a significant impact on market confidence. However, from a more macro perspective, this adjustment may still be seen as a healthy market correction rather than a signal of a trend reversal.

The recent decline in the cryptocurrency market is closely related to the performance of the US stock market. The Nasdaq index dropped by 2.24% in a single day, while cryptocurrency-related stocks suffered an even greater blow. For example, Coinbase's stock price plummeted by 16.7%, and MicroStrategy also fell by 8.77%. This phenomenon may reflect investors' concerns about the recent bubble in cryptocurrency concept stocks, as many companies that have adopted strategies of purchasing digital currencies to enhance their market capitalization or achieve indirect listings are facing severe tests from the market.

It is worth noting that the significant revision of U.S. employment data has also triggered market volatility to some extent. The non-farm payrolls in May were significantly revised down from the originally reported 144,000 to 19,000, and this significant discrepancy in data has raised concerns in the market about the economic growth outlook.

In the face of such a complex market environment, investors need to remain calm and carefully assess risks. Although the market may continue to fluctuate in the short term, the fundamentals of the encryption currency industry have not fundamentally changed in the long term. Technological innovation, institutional improvement, and broader exploration of application scenarios are still being promoted, and these factors may support the long-term development of the industry.

During this uncertain period, it is particularly important to diversify investments, set stop-loss orders, and closely monitor market trends. At the same time, one should be cautious of the risks associated with excessive leverage and maintain a rational investment mindset.