#加密市场回调 Bitcoin falls below the $90,000 mark, triggering a correction in the crypto market driven by multiple factors

The cryptocurrency market experienced its largest correction since the beginning of the year last night and this morning, with Bitcoin price continuously declining from a high of $96,500, reaching a low of $88,000 in the early hours of January 21st, a 5% drop for the day, erasing most of the gains since early 2026. Ethereum also came under pressure, breaking below the $3,000 psychological level, with some periods experiencing a decline of over 7%. The altcoin sector, due to weaker liquidity, saw more significant volatility. This correction was influenced by multiple factors: First, the US-EU tariff war triggered a global risk-averse sentiment, with European stock markets and US stock index futures declining simultaneously, and crypto assets, as high-risk assets, being affected; Second, the Federal Reserve's rate cut expectations were delayed, with market expectations for a rate cut in 2026 pushed from early in the year to mid and late 2026, increasing the opportunity cost of holding non-yielding crypto assets; Third, whale fund movements showed divergence, with early data indicating large holders sold about $2.78 billion worth of Bitcoin, creating short-term selling pressure. Market volatility has driven trading activity higher, with Bitcoin's 24-hour trading volume increasing by 14% to $68.6 billion, and over 247,000 liquidations in the past 24 hours, exposing the market's high leverage characteristics. According to Polymarket data, the probability of Bitcoin reaching $100,000 in January has fallen to 21%, while the probability of dropping to $85,000 has risen to 18%.