Understanding the Market | Bitcoin plunges below $97,000, cryptocurrency ETFs and related concept stocks decline

Cryptocurrency ETFs and related concept stocks have all fallen sharply. As of the time of writing, Xiong'an Technology is down 9.68%, trading at HKD 0.084; Blueport Interactive is down 3.92%, trading at HKD 0.49; Huaxia Bitcoin is down 4.64%, trading at HKD 11.92; and Harvest Bitcoin is down 4.9%, trading at HKD 12.03. In terms of news, Bitcoin briefly returned to USD 100,000 before showing a sharp decline again, now falling below the USD 97,000 mark. As of the time of writing, Bitcoin is priced at USD 96,898 per coin, down nearly 5% for the day. The United States has released a series of economic data, showing that the ISM Non-Manufacturing PMI data is better than expected, leading the market to reduce interest rate cut bets. Additionally, a top technical strategist previously warned that Bitcoin's upward momentum after the election has weakened, and this cryptocurrency may soon experience a sustained sell-off lasting several weeks