In the past 24 hours, the total number of liquidated positions in the cryptocurrency market exceeded 100,000.

On July 2nd, the cryptocurrency market experienced severe volatility, with Bitcoin falling more than 1.5% at one point, Ethereum dropping over 3%, and ADA falling over 5%. In the afternoon, the decline in the cryptocurrency market significantly narrowed. According to Coinglass data, in the past 24 hours, over 100,000 people were liquidated in the cryptocurrency market, with 70% of them being long positions. The stock market also faced selling pressure, with the Nikkei 225 index falling over 1% midday, the South Korean composite index dropping nearly 2% at one point, and both indexes narrowing their losses at the close. In the evening, the futures of the three major U.S. stock indexes rose before falling back, and the Nasdaq 100 index futures turned negative. From a news perspective, the U.S. Senate approved Trump's proposed "big and beautiful" tax and spending bill on July 1st, sparking concerns about the U.S. fiscal deficit and prompting investors to sell off risk assets.