Bitcoin fell again this morning, dipping below 96,000 US dollars, and as of the writing of this article, it has retraced about 10% from its high, hovering around the upper edge of the 4-hour 200 EMA.
Among the top 100 cryptocurrencies, besides the recently popular AI concept coin FARTCOIN and the newly launched MOVE performing particularly well, almost all other coins have declined.
The continuous decline has led to a further increase in the liquidation amount in the contract market. According to Coinglass data, 302,261 people have been liquidated in the past 24 hours, with a total liquidation amount exceeding 1 billion US dollars, of which the liquidation amount of long positions accounts for about 860 million US dollars.
This wave of decline is still triggered by pressure from traditional finance. The 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 then gave back the gains. Although the Dow Jones Industrial Average closed slightly up 0.04%, both the S&P 500 and the Nasdaq closed in the red.
According to previous reports from ZOMBIT, the Federal Reserve predicts that it will slow down the pace of interest rate cuts next year during this week’s FOMC meeting, expecting possibly only two rate cuts. The disappointing interest rate outlook has led the US stock market to face heavy selling pressure, which also affects Bitcoin as a risk asset.
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