Cryptocurrency Market Begins Recovery After Sudden Plunge

According to PANews, the cryptocurrency market is gradually recovering following the sudden downturn on October 11. However, experts suggest that the full impact of the event may take days or even weeks to become apparent. Edward Chin, CEO of the crypto hedge fund Parataxis, expressed concerns that news of fund liquidations or significant losses among market makers might emerge in the coming days or weeks. Caroline Mauron, co-founder of Orbit Markets, highlighted that Bitcoin's next major support level is at $100,000. A drop below this level would signify the end of the bull market cycle that has persisted over the past three years. Vincent Liu, Chief Investment Officer at Kronos Research, attributed the recent market crash to tariff concerns, exacerbated by excessive institutional leverage. This situation underscores the close connection between cryptocurrencies and the broader macroeconomic environment.