Jeff Yan: The Wall Street wealth creation model is unsustainable for most participants

Bitcoin fell below $84000, resulting in the liquidation of $550 million long positions. (Source: CoinDesk)

Traders betting on higher prices took the brunt of the forced selling, while oil climbed on Iranian tanker attacks. Fed minutes are due later Wednesday.

On Wednesday, the US dollar index closed at about 102.30, and the yield of US 10-year treasury bond bonds rose to about 5.324%, putting pressure on gold prices. The Middle East conflict, inflation risks, government debt, and the resilience of the US economy have driven up financing costs. Traders pay attention to the minutes of the Federal Open Market Committee meeting to assess the direction of Federal Reserve policy. The gold price is more than 25% lower than its historical high of nearly $5600 in January. (Source: Jin Shi)

Tom Lee stated that BitMine will cease purchasing ETH after holding 5% of the total supply of Ethereum. （Watcher.Guru）

The European Police Organization has released a report stating that cryptocurrency wallet keys are the main exposure point for quantum attacks, as attackers can deduce private keys from exposed public keys and transfer assets. Glassnode estimates that 6.04 million Bitcoin public keys have been exposed, and holders need to migrate their assets to a new wallet before the attack occurs. The report also mentioned that protocols such as TLS, SSH, and OpenPGP face the risk of first collecting and then decrypting, and the immediate interception before transaction confirmation constitutes a direct quantum risk. (Source: Decrypt)