Bitcoin plummeted to a price of $92000, with multiple orders across the internet resulting in a total liquidation amount of $1.2 billion

The cryptocurrency market continued to correct on Friday, with the price of Bitcoin (BTC) falling from around $100600 to $92000, a drop of 9% in the past 24 hours. Before the deadline, the trading price of Bitcoin slightly rebounded to $94000.

The altcoin has experienced a more severe decline, with Ethereum (ETH) dropping from $3600 to $3100 at one point, with a drop of 12% in the past 24 hours. Ripple (XRP), Binance (BNB), and SOL fell by approximately 10%, 8%, and 12%, respectively. Due to the relatively small decline in Bitcoin, the market value of Bitcoin rebounded to 60% earlier.

Today's correction has also triggered large-scale liquidation in the derivatives market. According to Coinglass data, approximately 428000 people worldwide have been liquidated in the past 24 hours, with a total liquidation amount of $1.4 billion, of which $1.2 billion is due to multi position liquidation.

According to a previous report by ZOMBIT, the Federal Reserve of the United States predicted at this week's FOMC meeting that the pace of interest rate cuts will slow down next year, and it is expected that there may only be two interest rate cuts. The disappointing interest rate outlook has led to selling pressure on Bitcoin, a risky asset, and weakened the overall cryptocurrency market. After the FOMC press conference, Bitcoin has fallen by about 11% so far.

The weakening of market confidence is also reflected in the performance of cryptocurrency exchange traded funds (ETFs). According to SoSoValue statistics, the US Bitcoin spot ETF recorded a net outflow of $680 million on Thursday, setting a new high for daily net outflows and ending a 15 day trend of net inflows.