Bitcoin experienced a deep plunge late at night, resulting in nearly 120,000 people being liquidated.

Late on the night of February 15th Beijing time, Bitcoin took a nosedive! As of around 6:30 on the 16th, Bitcoin fell more than 1%; Ethereum fell nearly 6%, SOL fell nearly 2%. In the past 24 hours, over 117,000 people globally have been liquidated in the cryptocurrency market, with a total liquidation amount of $330 million. Strategists at Ned Davis Research, a globally renowned independent macro and market strategy research firm, recently stated that the price of Bitcoin may fall to $31,000, which means a further drop of about 55% from the current level. On the news front, the probability of a Fed rate cut is soaring, and there will be important variables to come. According to previous reports, the CME Group's "FedWatch Tool" shows that traders' expectations for a Fed rate cut in June have surged to 83%. The latest data on February 16th shows that the probability of a 25 basis point rate cut by the Fed in March is 9.8%, compared to 19.6% not long ago.