level

Bitcoin fell to $65,720 on Friday, the lowest price since March 2, with a recent trading price of about $65,804, a daily decline of over 4%. Ethereum dropped about 4% to $1,980, Solana fell 5% to below $83, and BNB decreased 3% to $608.According to CoinGlass data, over $500 million in crypto positions were liquidated in the past 24 hours, with nearly 90% being long positions. The largest corporate Bitcoin holder, Strategy, holds about $50 billion in Bitcoin, and its stock MSTR fell over 5% during the day, dipping below $124, marking a new low in a month. BitMine Immersion Technologies (BMNR), the publicly traded company with the largest Ethereum holdings, hit a monthly low of $18.42 during the day, with a daily decline of over 4%. The crypto and stock trading platform Robinhood (HOOD) also fell to a monthly low, trading slightly above $66, with a cumulative decline of over 11% in the past month and more than 50% in the past six months. The three major U.S. stock indices fell simultaneously, with the Nasdaq down 1.5%, and the S&P 500 and Dow Jones each down about 1%. The U.S. President stated after the market closed on Thursday that plans to strike Iranian energy facilities would be paused, but Israel subsequently indicated it would "escalate" attacks on Iran after suffering missile strikes. Users on the prediction market platform Myriad currently believe there is a 64% probability that Bitcoin's next target is $55,000 rather than $84,000.

According to a report by Cointelegraph, a staff paper from the European Central Bank points out that the governance tokens of DeFi protocols are highly centralized, with about half or more of the holdings of governance tokens for Aave, MakerDAO, Ampleforth, and Uniswap related to the protocol itself or exchanges.The main voting participants are mostly delegated representatives, and in many cases, these representatives cannot be identified or associated with the token holders. The study questions whether DeFi DAOs have sufficient decentralization to be excluded from the MiCA regulatory framework and provides a reference for policymakers to include relevant entities in regulation.

According to Jinshi Data, the yield on Japan's 10-year government bonds has risen to its highest level since 1999.

The cross-chain protocol LayerZero announced the integration with the institutional-focused blockchain Canton, becoming the first interoperability protocol for Canton. Traditional financial institutions can now use LayerZero to route tokenized assets on Canton—including securities, digital bonds, and stocks—to over 165 public chains while maintaining compliance and confidentiality requirements.In addition, investors can directly subscribe to tokenized real-world assets (RWA) on Canton using stablecoins from external public chains, and Canton’s native tokenization tools can also be transferred to other ecosystems for secondary market trading. Canton processes over $350 billion in U.S. Treasury repurchase transactions daily. LayerZero has previously partnered with DTCC and Centrifuge, the latter covering nearly $861 million in tokenized U.S. Treasuries.

According to Jinshi reports, Federal Reserve Governor Barr stated that employment and labor force growth seem to be in a balanced state, but lower hiring levels make the labor market vulnerable to shocks.

According to Jinshi reports, Federal Reserve Vice Chairman Jefferson stated that the economy will expand at a rate of about 2% or slightly above 2% this year, but there is a high level of uncertainty.

The U.S. Department of Defense is preparing for a "decisive strike" against Iran, while Bitcoin has once again fallen below $70,000, with a 24-hour decline of about 3%. The trigger for this drop was a report from Axios stating that the Pentagon is developing military options against Iran, including ground troops and "large-scale bombing operations." Analysts indicate that Trump's five-day pause on strikes against Iran's energy infrastructure will expire on Friday, and Bitcoin's support level is very fragile.Glassnode states that the cost basis for short-term holdings (purchased within the last month) is about $70,200, which is the current key support level; the resistance above is at the 1 to 3-month holding cost basis of $82,200. However, the accumulation of buy orders at this support level is limited, and "the probability of breaking below this level cannot be ignored until more solid buying support is established." Tim Sun, a senior researcher at HashKey Group, noted that the $70,200 level is more likely to be tested repeatedly rather than broken in one go, and the current price action shows "more of a defensive accumulation rather than confirming a new trend-driven market." He also warned that the current rebound is mainly driven by leverage rather than sustained spot buying, and once sentiment reverses, prices could quickly fall back.On a macro level, the VIX futures intraday volatility has surged to 388.2, the highest in nearly six months, about four times the average level typically associated with market panic, but the S&P 500 has only had two trading days in the past three months where it moved more than 1.75% in a single day. The Kobeissi Letter pointed out that the volatility priced in by the futures and options markets is far higher than the actual volatility of the S&P 500, indicating that "uncertainty is at an unprecedented level."

According to Cointelegraph, Bitcoin has once again fallen below $70,000, with multiple on-chain and technical indicators showing that the current bear market is entering its later stages.In terms of on-chain data, Bitcoin's Net Unrealized Profit/Loss (NUPL) has dropped below 0.25, placing it in the "hope/fear zone." CryptoQuant analyst The Enigma Trader pointed out that this means about 40% of the circulating supply of Bitcoin is in a state of loss, compounded by the Fear and Greed Index falling to 15, indicating "extreme fear," which "reflects pain and uncertainty." He added that if NUPL rises above 0.25, it will mark the entry into the optimistic zone, a transition that historically often coincides with an increase in price momentum.Glassnode stated that the 7-day moving average of relative unrealized losses has stabilized at 15%, noting that "historically, resolving this level of embedded losses requires time, further price declines, or a sustained influx of fresh capital within a compressed timeframe." Additionally, Bitcoin's entity-adjusted realized profit has fallen from a peak of $3 billion per day in July 2025 to now less than $100 million, a decline of over 96%. Glassnode described this as "further evidence of demand exhaustion" and a "textbook characteristic of the transition to the later stages of a bear market."In terms of key price levels, Bitcoin has recently been in a range-bound consolidation, with support at $64,000 and resistance at $72,000. Glassnode pointed out that Bitcoin is struggling to hold the 1-week to 1-month cost basis of $70,200, but the accumulation of buy orders at this level is not robust enough, making "the probability of breaking below this level non-negligible" until more solid buying support is established. The main support below is referenced at Bitcoin's realized price of about $54,000; the upper resistance is at the 1 to 3-month cost basis of $82,200, as well as a dense area of short-term positions above $84,000.Technical analyst CryptoPatel stated that Bitcoin's recent rise to $76,000 is merely a lower high, and the higher time frame structure "points to lower," with below $50,000 being the next truly noteworthy area to watch.

According to Jinshi reports, Federal Reserve Governor Mester stated that the current interest rate level of the Federal Reserve is about 1 percentage point higher than the neutral interest rate.

According to Jinshi, Federal Reserve Governor Milan stated that the Federal Reserve should lower interest rates to a neutral level this year.

The spokesperson for the Supreme Joint Military Command of Iran stated that the previous levels of energy and oil prices will not be restored until the Iranian armed forces ensure regional stability.

According to CoinDesk, the Solana Foundation released a report titled "Privacy on Solana: A Comprehensive Approach for Modern Enterprises," which suggests that enterprise-level adoption requires flexible privacy controls and positions privacy as a customizable feature rather than a trade-off.The report argues that the next phase of crypto adoption will depend more on allowing enterprises to control the subjects and content of information disclosure, rather than solely relying on transparency. The Solana Foundation proposes that privacy encompasses four different modes: pseudonymity, confidentiality, anonymity, and complete privacy systems. Pseudonymity hides identity while transaction data is visible; confidentiality allows participants to be known but encrypts sensitive information; anonymity hides participant identities while transaction data is visible; and complete privacy systems obscure both identity and transaction data through technologies such as zero-knowledge proofs and multi-party computation.The report emphasizes that there is no single privacy model suitable for all scenarios, and enterprises can mix different tools according to their needs. The report notes that Solana's high throughput and low latency enable advanced privacy technologies to operate at near-network speeds, making applications such as encrypted order books or private credit risk calculations possible. The Solana Foundation also proposed mechanisms such as "audit keys," allowing designated parties to decrypt transactions when necessary, thus achieving coexistence between privacy and regulation.

According to CoinDesk, the current trend of Bitcoin is highly similar to the price structure that ultimately triggered a drop to $60,000 between November 2025 and January 2026. From a technical perspective, since hitting the bottom in early February, Bitcoin has formed a narrow, slightly upward-sloping channel between two trend lines, mirroring the previous sideways movement after the drop from $100,000.At that time, the market also exhibited a slow, oscillating upward crawl, ultimately leading to a false breakout where the price plummeted straight from about $90,000 to nearly $60,000. Technical analysis refers to such patterns as "counter-trend rebounds," which are small recoveries that occur within a downtrend. The current rebound lacks explosive momentum, which is a typical signal of bull exhaustion; the market may just be catching its breath, waiting for bears to regain strength.$65,800 is a key support level. If Bitcoin falls below the current lower boundary of the channel at around $65,800, it would mean that bears have regained control; if it breaks upward through the channel, the downtrend may lose momentum, and bulls could be poised for a strong counterattack. Bitcoin is currently at a critical decision point, and the direction remains unclear.

Ethereum has dropped to around $2,100, with a daily decline of 7%, mainly due to the Federal Reserve's interest rate decision and higher inflation expectations. In the past 24 hours, the total amount of long liquidations in the crypto market reached $492.8 million, with over $144 million in ETH long positions being forcibly liquidated.More critically, CoinGlass data shows that if ETH falls below $2,000, it will trigger over $2.5 billion in leveraged long liquidations across all trading platforms, meaning that if the bearish momentum continues, ETH will face a greater risk of a waterfall decline. Additionally, the U.S. spot Ethereum ETF recorded a net outflow of over $55.5 million on Wednesday, ending a streak of six consecutive days of net inflows. In the past eight FOMC meetings, ETH has declined after seven of them.The typical post-FOMC pullback ranges from 16% to 23%, with deeper deleveraging phases seeing declines of 33% to 43%. From a technical perspective, $2,100 is currently a key support level, closely coinciding with the upper boundary of the ascending triangle and the 50-day moving average. If the bulls can hold this position, the next target is $2,575 (100-day moving average), and above that is the triangle measurement target of $2,700. If $2,100 is lost, ETH will retest the triangle support line around $2,000; if it further breaks below the 20-day moving average, it faces the risk of dropping to $1,800.

Crypto.com CEO Kris Marszalek disclosed on social media that Crypto.com is officially advancing enterprise-level artificial intelligence (AI) integration across the company and simultaneously reducing approximately 12% of its positions. Affected employees have been notified, and the company will provide them with appropriate transitional support resources.Kris Marszalek stated that this strategic adjustment aims to combine the best AI tools with high-performing talent to achieve levels of scalability and precision that were previously unattainable. The positions being cut are primarily functional roles that are deemed unable to adapt to the new business model.

According to Jinshi reports, Federal Reserve Chairman Powell stated that last year's interest rate cuts brought the level of interest rates close to a reasonable estimate of the neutral rate.

According to Jinshi reports, the Federal Reserve FOMC statement indicates that the current level of inflation is still slightly high.

According to market news, Bitcoin is currently priced at approximately $74,230, down about 2.6% from the six-week high of $76,000 reached on Tuesday. The market generally expects the Federal Reserve to maintain interest rates at the upcoming Federal Open Market Committee (FOMC) meeting.Traders widely believe that the expectation of unchanged interest rates has been fully priced in by the market, and the real catalyst for volatility will be the statements made by Federal Reserve Chairman Jerome Powell at the post-meeting press conference—whether a hawkish or dovish stance will directly influence market direction. Additionally, the situation between the U.S. and Israel-Iran, inflation concerns, and rising oil prices also pose potential sources of volatility.In terms of price, Bitcoin needs to effectively break through the resistance level of $76,000 and turn it into support in order to further challenge the range above $80,000, with the next target being the 200-day simple moving average (SMA) at $87,411. If the bulls fail to hold, the price may retreat to the range of $72,000 to $65,000, and in extreme cases, it could drop to $60,000.

CryptoQuant analyst @AxelAdlerJr stated that there has been a rebound in the inflow of funds into Bitcoin spot ETFs recently, but the Bitcoin price is still $5,174 lower than the ETF realization price (note: this can be approximated as the average cost price of Bitcoin held by the ETF), which is about $80,000.The analyst mentioned that a recovery in demand could drive prices upward, but the resistance level around $80,000 may trigger profit-taking, and it is necessary to pay attention to subsequent macro data to assess the potential for a breakout.