Tencent "Periscope": $700 Million Lesson, the "Old Narrative" in the Crypto Market Is DeadTencent Finance "Periscope"
By Xie Zhaoqing
Edited by Liu Peng
The cryptocurrency market has retraced all the gains brought by Trump's rise to power, experiencing an epic crash that has once again turned the word "risk"—temporarily forgotten by greed—into its most ferocious form, glaring at all investors.
Last week, Bitcoin experienced its largest single-week decline in three years. February 5th became an unexpected day for crypto market investors: Bitcoin dropped 13% that day, marking the largest single-day decline since June 2022, and briefly fell below $61,000 in the early hours of February 6th.
During this intense correction, veteran crypto trader Yi Lihua liquidated 400,000 Ethereum within a week, suffering a loss of $700 million, making him the top "whale" ruthlessly hunted during this round of plummeting.
This sharp correction caught the market off guard, including long-term bullish "steadfast holders." Even more troubling, many long...
PANews·19h ago