Sudden plunge in the crypto market with no obvious negative news, but there are two main reasons:

First, the European session weakened and U.S. stock futures were sluggish, putting pressure on risk assets. On Friday, funds were unwilling to hold positions overnight and chose to cash out and exit, leading to selling pressure and price drops.
Second, the Governor of the Bank of Japan signaled a rate hike, triggering a surge in risk-off sentiment in a sensitive market. The U.S. stock market fear index VIX rose to 27.24, impacting cryptocurrencies.

It is advised not to blindly bottom-fish. Strictly control your positions and mainly observe. Get through this week steadily and wait for market sentiment to recover before seeking opportunities, prioritizing the preservation of principal.

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