Cryptocurrency markets continued their correction on Friday, with Bitcoin (BTC) prices falling from around $100,600 to $92,000, a 9% drop over the past 24 hours. Bitcoin was trading slightly higher at $94,000 at press time.
Altcoins have experienced deeper losses, with Ethereum (ETH) falling from $3,600 to $3,100, a 12% drop over the past 24 hours. Ripple (XRP), Binance Coin (BNB) and SOL fell by 12%, 8% and 12% respectively. Due to the relatively small decline of Bitcoin, Bitcoin's market capitalization share once rebounded to 60%.
Today’s correction also caused large-scale liquidations in the derivatives market. According to data from Coinglass, a total of about 428,000 people around the world were liquidated in the last 24 hours. The total liquidation amount was US$1.4 billion, of which US$1.2 billion was the liquidation of multiple positions.
According to previous reports by ZOMBIT, the U.S. Federal Reserve predicted at this week’s FOMC meeting that it will slow down the pace of interest rate cuts next year, and it is expected that there may be only two interest rate cuts. The disappointing interest rate outlook has led to selling pressure on Bitcoin, a risk asset, and weakened the overall currency market. After the FOMC post-meeting press conference, Bitcoin has fallen by about 11% so far.
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