China’s major miner, Jiang Zhuoer, sells off all DeFi altcoi - KuCoin

Bitcoin has broken below the crucial $63,853–$64,100 support level, causing the collapse of the previously bullish scenario. This technical breakdown has prompted Jiang Zhuoer, a major miner from China, to completely exit all DeFi altcoins positions.

Market Impact

The development comes as Bitcoin's price action threatens to trigger further sharp declines for small-cap DeFi tokens. A break below $57,800 could accelerate these downward movements across the altcoin market.

Industry Questions

Jiang's move has raised concerns about whether other major players in the cryptocurrency space are also entering exit mode. The timing of this decision coincides with increased market volatility and uncertainty surrounding regulatory approaches to digital assets.