The cryptocurrency market experienced a "bloodbath" over the weekend. Driven by concerns over liquidity tightening following the nomination of Kevin W. Walsh, a former Federal Reserve Board member considered "hawkish" and associated with Trump, market panic quickly spread. As a high-risk asset, cryptocurrencies faced an epic sell-off.

Market Highlights:
Price Performance: Ethereum's decline far exceeded Bitcoin's, dropping over 11% at one point and reaching a low of $2,256. As of press time, the price hovered around $2,450.
Network Liquidations: In the past 24 hours, total liquidations across the network reached $2.56 billion, with over 420,000 traders wiped out, more than 90% of which were long positions.
Market Capitalization Erosion: The total market cap of cryptocurrencies evaporated by approximately $111 billion in a single day. This plunge demonstrates that when macro liquidity expectations reverse, cryptocurrencies' "risk asset" nature is sharply amplified, making them the primary targets for sell-offs.