Cryptocurrency Market Cap Plunges 2.6%… Investor Sentiment Shrinks Due to US-China Trade Stalemate

As of May 30, the global cryptocurrency market capitalization recorded approximately $3.34 trillion (about 4,575.8 trillion won), a decline of about 2.60%. The trade negotiation stalemate between the United States and China appears to have added uncertainty to the market, stimulating selling sentiment. Market instability also affected derivatives. Over the past 24 hours, approximately $683.4 million (about 938.76 billion won) in cryptocurrency futures positions were liquidated, of which about $617.85 million (about 848.6 billion won) were long positions. This demonstrates a significant divergence between investors' price rise expectations and actual market trends. From a technical analysis perspective, the downside risk remains. The total cryptocurrency market capitalization has deviated from the recent descending parallel channel support line, with potential further decline to around $3.1 trillion (about 4,247 trillion won) being suggested. As the cryptocurrency market is sensitive to global macroeconomic variables, volatility is expected to increase further depending on the progress of US-China negotiations and the release of key economic indicators.