#加密市场回调 The encrypted market is experiencing a high-level pullback, with Bitcoin falling below $100,000 and Ethereum dropping over 15%. The main reason is the rising expectations of interest rate hikes from the Federal Reserve, which suppress risk assets, coupled with stricter regulations on certain projects and profit-taking due to previous gains. Short-term sentiment has turned cautious, and on-chain data shows that long-term holders are not selling off in large quantities; the pullback may be a technical correction. The market is observing regulatory trends and macro policies, waiting for new fundamental support.