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Core Viewpoint - The recent decline in market risk appetite is evident as both US tech stocks and the cryptocurrency market experience significant downturns, with Bitcoin dropping below $86,000 and a notable number of liquidations occurring in the crypto space [1][3]. Group 1: Cryptocurrency Market Performance - On December 16, Bitcoin fell to $85,800, marking a decline of over 30% from its two-month high of $126,000 [3]. - The cryptocurrency market saw over $603 million in liquidations within 24 hours, affecting approximately 184,600 traders, with the majority being long positions [3][4]. - The overall trading volume in the cryptocurrency market remains low, indicating insufficient momentum for a rebound, as Bitcoin fluctuates between $85,000 and $94,000 [3][4]. Group 2: Market Correlation and Investor Sentiment - The cryptocurrency market has not followed the typical positive correlation with other risk assets, continuing to decline even when other assets rebound [4]. - Analysts suggest that the current downturn is driven by position adjustments rather than large-scale forced liquidations, indicating a more sustained pressure on the market [4]. Group 3: Upcoming Economic Data and Central Bank Actions - Investors are closely monitoring upcoming US economic indicators, including unemployment rates and inflation data, to gauge future interest rate paths [6]. - The US Consumer Price Index (CPI) is set to be released on December 18, which is a critical indicator for market sentiment and Federal Reserve policy [6]. - There is widespread expectation that the Bank of Japan will raise interest rates by 0.25 percentage points, which could impact global liquidity and risk assets, including cryptocurrencies [7].