Bitcoin fell again this morning, dipping below 96,000 USD, and as of the writing of this article, it has retraced about 10% from its peak, hovering at the upper edge of the 4-hour 200 EMA.
Among the top 100 cryptocurrencies, aside from the recently popular AI concept coin FARTCOIN and the newly launched MOVE performing particularly well, almost all other coins have experienced declines.
The continuous decline has led to a further increase in the liquidation amount in the contract market. According to data from Coinglass, a total of 302,261 people were liquidated in the past 24 hours, with the total liquidation amount exceeding 1 billion USD, of which the liquidation amount of long positions accounts for about 860 million USD.
This wave of decline is still triggered by pressure from traditional finance. Major US stock indices rebounded when the market opened last night, with the Dow rising more than 460 points at one point, and the S&P 500 index rising more than 1%, but later gave back the gains. Although the Dow Jones Industrial Average closed slightly up by 0.04%, both the S&P 500 and Nasdaq closed in the red.
According to previous reports from ZOMBIT, the Federal Reserve is expected to slow down the pace of interest rate cuts next year during this week's FOMC meeting, with an expectation of possibly only two rate cuts. The disappointing interest rate outlook has led to heavy selling pressure on the US stock market, which in turn has affected Bitcoin as a risk asset.
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