Cryptocurrencies across the board plunged, with over 130,000 people liquidated in the past 24 hours.

Today, the cryptocurrency market experienced a significant drop. As of the time of writing, Bitcoin has fallen below $115,000, with a drop of nearly 3% in the past 24 hours; Ethereum, Solana, and Cardano have all dropped by over 6%. According to Coinglass data, over $500 million worth of cryptocurrency contracts have been liquidated in the past 24 hours, with over 130,000 people being liquidated. After the opening of the US stock market, cryptocurrency concept stocks also collectively fell, with DeFi Development dropping by over 6%, BMNR dropping by nearly 5%, Gansu Technology dropping by over 2%, and Coinbase, Microstrategy, and Circle dropping by 1%. Analysts point out that the current sell-off in cryptocurrencies is influenced by various factors, with profit-taking being one of the main reasons. In addition, the weakening expectations of a rate cut by the Federal Reserve, as well as the latest comments from US Treasury Secretary Yellen, have also dealt a blow to the confidence in the cryptocurrency market.