Bitcoin plummets, 500,000 people liquidated $1.7 billion, cautious about excessive leverage

Who can tell me what happened???
My account almost got wiped out overnight.

95% of the coins in the market are down overnight.
80% of the coins have a drop of over 15%.
More than 50% of the coins have a drop of over 20%.
Has the correction begun??

Bitcoin briefly broke the 100,000 dollar mark last night, then entered a downward fluctuation phase. At 11 PM last night, BTC sharply fell from a peak of 100,421 dollars to about 98,000 dollars. After several hours of fluctuations, it touched 94,150 dollars at 5 AM today, with a maximum drop of 6.25%. Currently, the price has rebounded to 97,100 dollars, with a decrease of 2.96% in the last 24 hours.