Today, the price of Bitcoin broke $90,000, with the lowest price around $88,200.

As of now, the total liquidation amount across the network in the last 24 hours has reached $1.34 billion, with over 360,000 people liquidated. Among them, the liquidation amount for long positions reached $1.24 billion. The most liquidated are still the few mainstream cryptocurrencies with high market capitalization, including BTC, ETH, SOL, and XRP.

This decline has seen many large players in the market cutting losses and exiting their positions. One major player on Binance, who opened a long position, suffered a loss of about $50 million after stopping out today.

There are many reasons for today's market decline. The previous article mentioned the end of the Russia-Ukraine conflict, but in the past two days, on the anniversary of Russia's invasion of Ukraine, the United Nations General Assembly passed two resolutions regarding Ukraine. The first resolution, proposed by Ukraine and European countries, condemns Russia's invasion of Ukraine and demands Russia's immediate, unconditional, and complete withdrawal. It received 93 votes in favor, 18 against, and 65 abstentions. The United States, Russia, North Korea, Belarus, Israel, Hungary, several African countries, and Pacific island nations voted against it, while China abstained.

The second resolution, proposed by the United States, referred to a "peace path" and only mentioned the "Russia-Ukraine conflict." European countries proposed an amendment to change it to "Russia's full-scale invasion of Ukraine" and added a commitment to "reaffirm Ukraine's sovereignty, independence, unity, and territorial integrity within its internationally recognized borders and territorial waters." It received 93 votes in favor, 8 against, and 73 abstentions. The United States changed its vote to abstain, and China also abstained.

The United States voted against the UN resolution condemning Russia for waging war on Ukraine. The shift in the U.S. stance on the conflict marks a significant rift with the European continent, coinciding with the Trump administration's efforts to repair relations with Moscow. Therefore, the current turbulent situation is also one of the main reasons for the decline in the crypto market.

Recently, U.S. tech stocks and Chinese concept stocks have seen significant declines, with the Nasdaq Golden Dragon China Index dropping over 5%, reflecting the overall market's gloomy sentiment. Additionally, on March 1, 11.2 million SOL from the FTX bankruptcy auction will be unlocked. This has led many large players and institutions to withdraw their funds and wait and see. The cautious stance of large funds has caused a sharp drop in SOL, leading to a massive sell-off of many meme coins that have emerged from SOL in recent years, thus dampening retail investors' enthusiasm. Moreover, the number of on-chain players in this bull market is quite considerable. As the leading public chain in this bull market, the significant drop in SOL has intensified the current market's panic sentiment.

Today's panic sentiment has reached 25, changing from neutral yesterday to extreme panic. This also indicates that the market is approaching a phase low. So, does the bull market still exist? The old dog believes that the bull market still exists at this stage.

Although the overall market has seen a significant decline recently, altcoins have not shown improvement. However, overall market interest is still growing. Data from Binance shows that the number of wallet addresses holding at least $100 in Bitcoin has increased by 25% over the past year, reaching nearly 30 million, indicating that new investors are continuously entering the market. Furthermore, as of now, very few people in the market have actually made money. At the current market prices, it can be said that altcoins are nearly impossible to cut losses on. From today's decline, it is not difficult to see that compared to previous declines, as long as mainstream coins experience a sharp drop, the decline of altcoins will far exceed that of mainstream coins. However, many altcoins today did not decline more than mainstream coins. This indicates that during the previous declines, the "dog" traders had already entered some altcoins, and the retail investors who should have cut losses and exited have already left. Moving forward, the market can only attract more retail investors by rallying, as a market without a profit effect will not engage retail investors.

Whether the market will rise or fall next is no longer important for most investors who are trapped. As long as you are not holding too poor-quality coins, just follow the old dog and hold on. However, for those who have not yet entered the market or are waiting and watching, the current price may not be the lowest, but there is still a distance to the high points that the upcoming bull market will reach. Keep an eye on previously strong coins and BNB; there may be surprises in the future.

The road to the peak is certainly bumpy, and the market is counterintuitive. You are not the only one trapped, but those who persist until the end will definitely be the minority.

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