The cryptocurrency market continued its correction on Friday, with the price of Bitcoin (BTC) dropping from around $100,600 to $92,000, a 9% decrease in the past 24 hours. By the deadline, the Bitcoin trading price had slightly rebounded to $94,000.
Altcoins experienced more severe declines, with Ethereum (ETH) dropping from $3,600 to $3,100 at one point, a 12% decrease in the past 24 hours. Ripple (XRP), Binance Coin (BNB), and SOL also experienced drops of around 10%, 8%, and 12% respectively. Due to Bitcoin’s relatively smaller decline, its market dominance briefly rose to 60%.
The correction today also led to a large-scale liquidation in the derivatives market, with approximately 428,000 liquidations globally in the last 24 hours, totaling $1.4 billion, of which $1.2 billion were long positions.
According to previous reports from ZOMBIT, the Federal Reserve in the United States predicted during this week’s FOMC meeting that it may slow down the pace of interest rate cuts next year, with possibly only two cuts expected. Disappointing interest rate prospects have put selling pressure on Bitcoin as a risk asset, leading to overall weakness in the market. Since the end of the FOMC press conference, Bitcoin has fallen by around 11%.
The weakening market confidence is also reflected in the performance of cryptocurrency exchange-traded funds (ETFs). According to data compiled by SoSoValue, the U.S. Bitcoin spot ETF recorded a net outflow of $680 million on Thursday, setting a new high for single-day net outflows and ending a streak of 15 consecutive days of net inflows.