Bitcoin plummeted to US$92,000, and long positions across the entire network were liquidated to US$1.2 billion

The cryptocurrency market continued to decline on Friday, with the price of Bitcoin (BTC) falling from around $100,600 to $92,000, a drop of 9% in the past 24 hours. Before the deadline, the trading price of Bitcoin had rebounded slightly to $94,000. Altcoins experienced more severe declines, with Ethereum (ETH) falling from $3,600 to $3,100, a 12% drop in the past 24 hours. XRP, BNB, and SOL also fell 12%, 8%, and 12% respectively. Due to the relatively smaller decline in Bitcoin, the Bitcoin market dominance temporarily rebounded to 60%. Today's correction also triggered a large-scale liquidation in the derivatives market. According to data from Coinglass, approximately 428,000 people were liquidated globally in the past 24 hours, with a total liquidation value of $1.4 billion, of which $1.2 billion was from long positions. According to a previous report by ZOMBIT, the US Federal Reserve is expected to slow the pace of rate cuts at its FOMC meeting this week, with only two rate cuts anticipated next year. The disappointing interest rate outlook has led to selling pressure on Bitcoin as a risk asset, and the overall cryptocurrency market has weakened. Since the end of the FOMC press conference, Bitcoin has fallen about 11%.