Coinbase Research: Bitcoin Breaks Key Support, Market Possibly in Early Stage of Long-term Downtrend

According to Lookonchain’s monitoring, the address of crypto figure "Brother Ma Ji" Huang Licheng has been liquidated again. To raise funds to sustain his ETH long position, he was forced to sell a Bored Ape NFT at a loss. Data indicates that roughly two hours ago, Machi offloaded Bored Ape #6801 for 8.61 ETH. The NFT was purchased three years ago for 23.5 ETH, resulting in a loss of 14.89 ETH, equivalent to approximately $28,000.

Machi(@machibigbrother) was liquidated again! To raise more funds for his $ETH long, he had to sell his Bored Apes at a loss. 2 hours ago, he sold Bored Ape #6801 for 8.61 $ETH, which he bought 3 years ago for 23.5 $ETH, taking a loss of 14.89 $ETH($28K).

According to a Wall Street Journal (WSJ) report, five months into the U.S.-Iran conflict, U.S. President Donald Trump has grown increasingly frustrated over the prolonged war and lashed out at Iran’s leadership during a White House meeting. People familiar with the matter said Trump had earlier expected the conflict to end in weeks, but the situation has since escalated. Recently, he has grown more skeptical of the possibility of long-term peace through negotiations, arguing Iran only responds to military pressure. The report notes divisions exist within the Trump administration over diplomatic paths. His negotiators Jared Kushner and Steve Witkoff still believe a deal with Iran is possible, while some advisors argue Tehran has entered a retaliatory mode and continued military operations may be the only option. With the ceasefire collapsed, the U.S. and Iran have exchanged fire recently. Following Houthi attacks on Saudi oil tankers in the Red Sea, oil prices have risen further, with Trump warning Iran would face “significant military punishment” if the attacks persist. The ongoing war has also started to impact U.S. domestic politics. U.S. gasoline prices have risen back above $4 per gallon, and U.S. Treasury yields have hit a new high during Trump’s second term. Markets worry high oil prices and economic pressure will weaken the Republican Party’s performance in the midterm elections. Meanwhile, tensions have emerged between Trump and Israeli Prime Minister Benjamin Netanyahu. Officials said Trump has expressed dissatisfaction with Netanyahu, stating he does not want to meet or speak with him frequently. Additionally, the war is deepening rifts within Trump’s conservative base. Some long-time supporters worry the conflict will drag down the Republican Party’s election prospects, while Trump advisor Steve Bannon even criticized Netanyahu for dragging the U.S. into “a terrible conflict full of lies.”

According to Bitget market data, South Korea’s KOSPI index dropped 4.00% intraday, now standing at 6809.52 points. Samsung Electronics fell 5.65%, while SK Hynix declined 5.42%.

South Korean trading platforms have activated a mechanism to suspend algorithmic trading for the KOSPI index.

SK Hynix chief Choi Tae-won is set to get a new court ruling in his prolonged divorce dispute with ex-wife Roh Soo-young. The case is poised to become the highest-compensation divorce case in South Korean history. The Seoul High Court will announce the ruling on Friday, determining how much of Choi’s wealth will be divided with Roh. Choi’s current net worth stands at around $5.5 billion. The core of the ruling hinges on how South Korean courts will evaluate the value of Roh’s contributions to building one of the country’s largest corporate empires. Roh initially sought 42.29% of Choi’s SK stake, a demand that could have threatened his control of the firm, before revising her claim to a cash settlement. In 2024, a court ordered Choi to pay Roh 1.38 trillion won (approximately $10 billion) in divorce compensation, marking a new record for South Korea’s highest divorce payout. But after Choi filed an appeal, the Supreme Court of Korea overturned the ruling, reasoning that the earlier judgment incorrectly factored in contributions to the couple’s wealth from illegal funds allegedly tied to Roh’s father, former South Korean President Roh Tae-woo.