According to Jinse Finance reports, on January 9th in the afternoon Beijing time, the virtual currency market faced a sell-off, with Bitcoin prices plummeting. As of the time of publication, Bitcoin fell below the $93,000 mark, currently reported at $92,938 per coin, with an intraday decline of 2.7%. Due to the dramatic fluctuations in prices, CoinGlass market data shows that over 160,000 people in the virtual currency market faced liquidation in the past 24 hours, with a total liquidation amount of $482 million (approximately 3.53 billion RMB). Industry insiders believe that the latest economic data released by the United States recently suggests sticky inflation, raising doubts in the market about the possibility of the Federal Reserve cutting interest rates later this year. According to on-chain data, the current leverage in the virtual currency market is close to the historical high of 2021. The high leverage environment significantly increases the market's vulnerability; once the market shows signs of disturbance, investors may quickly retreat, leading to a sharp price drop and a wave of liquidations. Wall Street's top technical strategist, Katie Stockton, recently stated that the momentum of Bitcoin's rise has weakened, and a sustained sell-off could occur for several weeks. (China Securities Journal)

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