The total market capitalization of cryptocurrencies has evaporated by $800 billion since the beginning of October, putting pressure on market liquidity.

Since the beginning of October, the total market capitalization of cryptocurrencies has fallen from $2.9 trillion to $2.1 trillion, a loss of approximately $800 billion. BTC fell by about 9% this morning, hitting a low of around $62,000. Trading volume surged to approximately $107 billion during this week's decline, compared to about $29 billion at the end of last week, indicating accelerated liquidations and limited buying support. Stablecoins have seen net outflows of approximately $14 billion over the past 30 days, reducing the funds available to absorb selling pressure. Weekend bank closures hindered the rapid entry of new fiat currency funds, and some investors' concerns about cybersecurity risks increased.