Last night, the US stock market and the crypto sector collectively came under pressure, and the market was filled with a tense atmosphere. Stablecoin issuer Circle became the biggest loser, plunging 9.67% in a single day, with its stock price dropping to $76.6, erasing over $800 million in market value in just one day. Trading volume also surged wildly, soaring to $1.336 billion, a rare high in recent times.

The overall crypto market didn't fare much better, with the US stock crypto index dropping sharply by 6.46% in one day, falling straight from 1616 points to 1511 points. The gains from a few days ago were completely wiped out by this wave of correction.

Bitcoin, as a market barometer, was even more volatile. On the 15th, it once surged to the critical level of $97,800, almost breaking through, but failed to hold, instead being pulled back down. It is now oscillating around $95,000, with both bulls and bears unwilling to back down. The total liquidation amount across the network today reached $700 million, with $380 million in short liquidations, enough to demonstrate how fierce the battle is.

Interestingly, institutional opinions are completely divided. The bullish side includes major players like Standard Chartered and Bernstein, who are still calling for a surge to $150,000 within the year, citing continuous support from institutional allocations and ETF funding sources. But the bears are not to be underestimated; analyst Ali Martinez poured cold water, saying BTC might bottom out in the $38,000 to $50,000 range in October, with a potential decline of over 50%. It all depends on whose prediction turns out to be more accurate.