News: The crypto market experienced a severe downturn today, with Bitcoin plunging below $31,000 and triggering massive liquidations. This sell-off was heavily influenced by China's renewed crackdown on crypto services, banning financial institutions from offering related services and warning investors. Broader market sentiment also turned risk-off, impacting crypto alongside other high-flying assets. Elon Musk's continued influence, coupled with inflation concerns, added to the bearish pressure. Major crypto exchanges experienced outages due to high volume and network congestion.

Market Probabilities: 
Bull 20% | Base 30% | Bear 50%

Recommendations: 
Short-term: SELL
Long-term: BUY
{"sentiment": "bearish", "price_direction": "up", "impact_strength": "high", "timeframe": "medium_term", "confidence": 0.6, "key_reason": "China's intensified regulatory crackdown on crypto services creates significant negative sentiment a"}