Bitcoin, Bull market reaches a turning point…“Macro uncertainty·Long liquidation surge”

Bitcoin has recently fallen more than 10% from its recent peak, and an analysis has emerged that it is at a crucial crossroads to determine whether the upward rally will continue in the future. Cryptocurrency exchange Bitfinex pointed out the market's instability through its weekly report ‘Bitfinex Alpha’, stating that "about $875 million worth of long positions were liquidated in one day on the 5th, and more than $1.9 billion was cleared over the week.”

The report also evaluated the macroeconomic environment in the United States as a burden factor. While the employment index in May has slowed, both manufacturing and service industries are showing contraction, and construction spending has been decreasing for three consecutive months. In addition, the pressure of price increases remains high, and the demand for long-term treasury bonds has weakened, raising concerns among investors about the fiscal soundness of the United States.

However, the demand for cryptocurrency itself is expanding on a global level. UK IG Group has teamed up with Uphold to engage in spot cryptocurrency trading, and UK's Financial Conduct Authority (FCA) is reviewing ways to allow cryptocurrency ETNs (Exchange-Traded Notes) for individual investors. Japan's Metaplanet has also revealed plans to hold up to 210,000 Bitcoins by 2027 through capital increase. It seems that the cryptocurrency market is facing a technical and policy turning point simultaneously.