U.S. stocks have fallen for three consecutive days, the crypto market has been severely hit, and the entire network has been liquidated for 1.1 billion.

The three major US stock indices have fallen for three consecutive days, and the crypto market has been severely hit, with up to 1.15 billion USD in positions liquidated within 24 hours. Bitcoin (BTC) once fell below 109K, and Ethereum (ETH) dropped below the key support level of 4,000, continuing to slide down, with a low of 3,815 USD reached this morning.

U.S. stocks have fallen for three consecutive days, focusing on Friday's PCE inflation index.

The U.S. Department of Labor announced on Thursday that the seasonally adjusted number of initial claims for unemployment benefits for the week ending September 20 was 218,000, the lowest level since July, indicating that while the labor market is cooling, layoffs remain relatively limited. Despite persistent economic uncertainty restraining hiring, most companies still choose to retain employees.

After adjusting for inflation, the U.S. GDP grew by 3.8% compared to the previous quarter's revised figure, which may imply that the Federal Reserve will hesitate before cutting interest rates again, thereby weakening a key catalyst for the bull market.

Investors are remaining cautious ahead of the upcoming personal consumption expenditures price index ( PCE ) to be announced on Friday, closely monitoring the developments regarding a potential government shutdown. According to NBC News, a government shutdown could mean significant layoffs for the federal government, as the Office of Management and Budget has indicated in a memorandum that agencies should prepare “layoff” plans.

The report expected to be released on Friday will show that the personal consumption expenditure price index excluding food and energy rose by 0.2% in August, compared to 0.3% in July. On an annualized basis, the so-called core index is expected to remain at a high of 2.9%.

ETH leads the fall, with 1.15 billion dollars in liquidations across the entire network.

The crypto market has fallen by 4.57% in the past 24 hours, with a market cap dropping to $3.73 trillion.

Bitcoin once fell below 109K, and Ether fell below the key support level of 4,000, continuing to slide further down, reaching a low of 3,815 USD this morning.

In the past 24 hours, positions worth up to 1.15 billion USD were liquidated, with 440 million USD in Ether being the largest, followed by 277 million USD in BTC.

Bitcoin's dominance has risen to 58.3, indicating a more severe fall for altcoins. Recently, the relatively strong BNB has also dropped by 6% to $950, SOL has fallen below the $200 mark, down more than 8% in the last 24 hours, HYPE has decreased by 9%, and even ASTER has not escaped the fate of a retracement, plummeting by 15%.

(Why did Arthur Hayes clear HYPE? Bitcoin is still expected to reach 250k by the end of the year)

The best performer yesterday was Plasma (XPL), which surged by 60% against the trend despite the market's huge waves after its glorious launch last night.

(Plasma One builds the first stablecoin digital bank, mainnet and XPL token launch countdown)

This article reports that the US stock market has fallen for three consecutive days, the crypto market has been severely impacted, and there has been a liquidation of 1.1 billion in the entire network, first appearing on Chain News ABMedia.