Golden Finance reported that in the afternoon of January 9, Beijing time, the virtual currency market ushered in a wave of selling, and the price of Bitcoin plummeted. As of press time, Bitcoin fell below the integer mark of US$93,000, temporarily trading at US$92,938 per coin, with an intraday drop of 2.7%. Affected by the violent fluctuations in currency prices, CoinGlass market data shows that in the past 24 hours, more than 160,000 people liquidated their positions in the virtual currency market, with a total liquidation amount of US$482 million (approximately RMB 3.53 billion). Industry insiders believe that the latest economic data released by the United States a few days ago hinted at sticky inflation, raising questions in the market about the possibility of the Federal Reserve cutting interest rates later this year. According to on-chain data, the current leverage ratio of the virtual currency market is close to the historical high in 2021. The highly leveraged environment has greatly increased the fragility of the market. Once there is a disturbance in the market, investors may quickly withdraw, leading to a plunge in prices and the spread of liquidation. Katie Stockton, Wall Street's top technical strategist, recently said that Bitcoin's rising momentum has weakened and there may be a sell-off that lasts for several weeks. (China Securities Journal)