3.11 Morning News
Last night, after the US stock market opened, it plummeted sharply, and I sensed that Ethereum might break below the 20,000 mark today, and Bitcoin might also fall below the 80,000 mark. As for those altcoins, their declines are not as severe as mainstream coins, but during this wave of crash, the whales holding Bitcoin and Ethereum have suffered heavy losses. Although the downtrend is fierce, as long as one doesn't exit the market, there will always be opportunities for recovery.
Currently, the market is undergoing a major cleansing, with no one spared, from retail investors to whales and institutions. Perhaps only after they are all washed out can the market welcome a new turning point. Currently, the shutdown price for mainstream Bitcoin mining machines is roughly between 45,000 and 72,000 USD, and the current price is approaching the shutdown price of old machines. Altcoins have been on a downward trend since April last year and have yet to stop falling even today. But extremes must reverse, and the financial market is no exception. It is expected that the biggest bottom may form within this month; let us patiently wait for the opportunity to arise.
