On the 17th Beijing time, after rising to $96,600, $BTC plummeted again, once falling to $93,778.6, erasing all gains for the year. As of around 7 o'clock, Bitcoin fell over 1%, dropping below $95,000. Multiple cryptocurrency products followed suit.

Coinglass shows that in the last 24 hours, over 150,000 people worldwide have been liquidated in the cryptocurrency market.

Recently, the market's expectations for a Fed rate cut in December have significantly cooled, leading to a decline in overall risk appetite in the United States.

According to data from CME's "FedWatch," cited by the Securities Times, the probability of a 25 basis point rate cut by the Fed in December has fallen below 50%, now at 44.4%, while the probability of maintaining rates has risen to 55.6%. By January next year, the probability of keeping rates unchanged remains at 34.7%, with a cumulative probability of a 25 basis point cut at 48.6%.

Reports from Caixin also pointed out that short-term interest rate futures indicate that the probability of the FOMC cutting rates on December 10 has dropped from last week's 67% to 47%. Morgan Stanley analysts believe that the Fed will reference key data such as September employment and inflation before the December meeting, with the employment reports for October and November being particularly crucial.

Several institutions have clearly predicted that there will be no action in December. Both Bank of America and Nomura pointed out in their research reports that the Fed may maintain the current interest rates at that time. Additionally, Dallas Fed President Logan publicly stated on the 14th that he does not support another rate cut in December unless there is clear evidence of a decline in inflation. Chicago Fed President Goolsbee and Fed Governor Cook also expressed a cautious attitude towards further rate cuts.