The cryptocurrency market plummeted again! More than 210,000 people were liquidated!

Bitcoin continued to fall, once falling below $80,000. As of press time, Bitcoin was at $80,730.3, a drop of more than 6% in 24 hours.

In addition to Bitcoin, other virtual currencies also plummeted, including Ethereum, which fell more than 8%, Cardano, which fell more than 10%, Solana, which fell more than 7%, Dogecoin, which fell more than 12%, and Trumpcoin, which fell more than 12%.

According to Coinglass statistics, this wave of market conditions has caused many people to blow up their positions. In the past 24 hours, more than 210,000 people have blown up their positions on the entire cryptocurrency network, and the amount of blowup has reached $583 million. Among them, the largest single blowup occurred on Binance-BTC, worth $32.0875 million.

On the news front, the White House held its first cryptocurrency summit on March 7. At the summit, US President Trump said that the US federal government will support the development of cryptocurrencies represented by Bitcoin and the digital asset market.

About 30 senior government officials, congressmen and corporate executives attended the event. Trump said at the meeting that the previous administration's "war" on the entire cryptocurrency industry has ended, and he supports Congress to pass legislation to provide regulatory certainty for the cryptocurrency and digital asset markets.

On March 6, Trump signed an executive order announcing the establishment of a strategic Bitcoin reserve. Specifically, this executive order hopes to create a strategic Bitcoin reserve and treat Bitcoin as a reserve asset.

The strategic Bitcoin reserve will be based on Bitcoin owned by the Treasury Department, all of which come from criminal or civil asset forfeiture procedures. The executive order emphasizes that the United States will not sell Bitcoin deposited in the strategic Bitcoin reserve. The Secretary of the Treasury and the Secretary of Commerce have the authority to develop budget-neutral strategies to acquire additional Bitcoin, provided that these strategies do not impose additional costs on American taxpayers.

The executive order also announced that a U.S. digital asset repository will be established, consisting of digital assets other than Bitcoin owned by the Treasury Department, which also come from assets confiscated in criminal or civil cases.

In addition to assets obtained through forfeiture procedures, the government will not purchase additional assets for the U.S. digital asset repository. The Secretary of the Treasury can determine management strategies, including potential sales of the U.S. digital asset repository.

The executive order emphasizes that agencies must provide the Secretary of the Treasury and the President's Digital Asset Market Working Group with a complete account of their digital asset holdings. The order ensures a strategic approach to managing digital assets under U.S. control.

On the same day, David Sacks, the head of White House encryption and artificial intelligence, said that the strategic reserve will be capitalized with about 200,000 bitcoins owned by the federal government, which will be retained as a means of storing value, and the United States will not sell any bitcoins deposited in the reserve.

In addition, according to CCTV News, local time on the 9th, Trump said in an interview that some tariffs may be raised over time after April 2. Trump also downplayed the recent sharp fluctuations in the stock market caused by his imposition and adjustment of tariffs in the interview, saying that he could not pay too much attention to the stock market.

On the same day, U.S. Commerce Secretary Howard Lutnick confirmed that U.S. President Trump's promised policy of imposing a 25% tariff on all U.S. imports of steel and aluminum will take effect as planned on March 12.

Lutnick also said that U.S. tariffs on Canadian dairy and wood products will be levied from April.

Currently, investors around the world are increasingly concerned about the growing geopolitical tensions and the possibility that tit-for-tat tariffs could exacerbate global trade disputes. "The market's anxiety level has been raised, and we see that traders have to respond actively and dynamically." Chris Weston, head of research at Pepperstone Group Ltd., wrote in a report, "Either way, market volatility is rising, and we need to be prepared for headlines that may break out at any time." Regarding the future market trend, Yuya Hasegawa, a cryptocurrency market analyst at Japanese Bitcoin exchange Bitbank, said recently that Trump's remarks on cryptocurrency reserves will not continue to drive up token prices, and the market has digested his plan.