Cryptocurrencies dropped on Wednesday as investors prepared for Nvidia's earnings and digested the surge in liquidations. According to Coin Metrics, the price of BTC recently fell 5% to $58,969.65. Ethereum fell over 3% to $2,503.63.

The reason for the decline began on Tuesday evening when BTC fell 6% in one hour. The exact reason is not yet clear, but investors pointed out that people are concerned about Nvidia's upcoming earnings report, futures market liquidation, and ongoing uncertainty. There is also pressure from Mt. Gox issuance and dumping by the US government.

BTC Falls Below $60,000 Noelle Acheson, an economist and ·author of the Cryptocurrency Now is Macro newsletter, suggested that investors may raise cash to deal with market movements following Nvidia's earnings report. The chip giant is set to report its second-quarter earnings after the stock market closes on Wednesday, an event seen as "one of the most important events" on the macro calendar this year. #币圈观察员