January 8th, the crypto market experienced a correction wave. Most cryptocurrencies faced downward pressure, with only FIRO, STPT, and STEEM slightly rising against the trend. Leading assets like Bitcoin encountered selling pressure, briefly falling below the $96,000 mark, with a single-day decline of over 5.88%. This drop triggered a contagion effect—over 230,000 long positions were liquidated, and the entire market was filled with anxiety. From a macro perspective, the cooling of the Fed's rate cut expectations dampened market confidence, and institutional investors adopted a more cautious stance, resulting in a strong wait-and-see atmosphere. The total market capitalization decreased by 3.57% over 24 hours, with liquidation funds continuously accumulating, making short-term volatility difficult to avoid. Long positions clearly suffered losses, and more supporting signals are needed before a rebound can occur.