#我在Gate广场过新年 The recent night has been destined to be another sleepless night for cryptocurrency investors. After a brief rebound over the past two days, the virtual currency market once again experienced a bloody plunge. In the early hours of February 15th Beijing time, Bitcoin's price was the first to bear the pressure, plunging straight down and temporarily falling below the $69,000 mark. The sudden movement of the leading coin quickly triggered market panic, with mainstream cryptocurrencies such as Ethereum, Solana, and Dogecoin also falling in tandem.

Full Collapse: Nearly 120,000 Investors "Lost Everything"
According to CoinGlass data, as of the early morning of February 16th, over 117,000 traders worldwide experienced liquidations within the past 24 hours, with total liquidation amounts reaching $332 million (about 2.3 billion RMB). This means that for these leveraged traders, the past 24 hours not only resulted in asset devaluation but also in instant "zeroing out" of their wealth.
Looking at specific coins, this round of decline has a very wide coverage. As of press time, leading Bitcoin has fallen over 1%, barely maintaining around $69,000; Ethereum's decline is even more severe, dropping nearly 6% and falling below the psychological $2000 level again; Dogecoin's decline once approached 8%, with market sentiment extremely pessimistic.

What exactly happened?
Triple negative factors swept in!!! The full-scale plunge of cryptocurrencies is not without clues; it is the result of a combination of geopolitical, macroeconomic policies, and market confidence factors.
1. Geopolitical "Black Swan" Attack: Trump’s Middle East Remarks
What directly triggered market sensitivity was a major news from the Middle East. According to Xinhua News Agency citing US media reports, US President Trump recently made tough remarks, stating that if the US cannot reach an agreement with Iran, he will support Israel's airstrikes on Iran's ballistic missile facilities. Once this news broke, concerns about escalating Middle East conflicts soared. As a high-risk asset, cryptocurrencies were the first to be affected, with funds rapidly withdrawing from risk markets and shifting to safe-haven assets.
2. Fed Rate Cut Expectations "Uncertain"
In addition to geopolitical disturbances, macroeconomic monetary policy expectations are also subtly changing. Although the market generally expects the Federal Reserve to cut interest rates within the year, the timing and magnitude remain uncertain. This week, the US will release key data such as the PCE inflation index and the Fed meeting minutes, which will be crucial for judging inflation trends and future rate cut paths. Ahead of these key data releases, market sentiment has become cautious, with some funds taking profits, intensifying selling pressure.
3. Capital is Fully Exiting
Market microstructure also shows dangerous signals. Funds are accelerating their exit from the crypto market. CryptoQuant's latest report indicates that Bitcoin traders may feel disappointed because the bear market bottom "takes time to form," and hints that the true bottom of Bitcoin may be around $55,000.
Meanwhile, the US spot Bitcoin ETF, viewed as the engine of this bull market, has also experienced large-scale outflows. Data shows that on a single trading day, about $686 million was transferred out of this fund, indicating institutional investors' cautious attitude at the current levels.

Is the $60,000 "lifeline" in danger?
As prices decline, pessimism about the future market is spreading. The $60,000 level is currently regarded by many analysts as a critical support for Bitcoin. According to Deribit data, the largest position cluster in the Bitcoin options market is in contracts betting against prices below $60,000. Maxime Seiler, CEO of digital asset trading firm STS Digital, warned that many Bitcoin collateralized loans have trigger mechanisms; once the price approaches this level, lenders will automatically sell collateral to cover losses. This forced liquidation will further depress the price, triggering a chain reaction of margin calls (Cascade effect).
More extreme views are also emerging. Renowned independent macro research firm Ned Davis Research's strategists even suggest that Bitcoin could fall to $31,000, representing a drop of about 55% from current levels.
Michael Burry, famous for shorting US stocks before the 2008 financial crisis, recently warned that Bitcoin's plunge could deepen into a self-reinforcing "death spiral."
In this seemingly carnival-ending night, for investors still in the market, $60,000 is not just a number but a matter of life and death. In a crypto world where stories of "ashes to ashes" keep unfolding, risk should always be the top priority.