Bitcoin suddenly fell below $92,000, with over $2 billion in liquidation amounts in 24 hours. Long position liquidations accounted for the majority, reaching $1.766 billion, with the worst being a long position of over $25 million in ETH directly being liquidated on Binance. This wave of plunge has three main reasons. First, the domestic AI model DeepSeek suddenly became popular, surpassing ChatGPT to top the US App Store charts with downloads. This model, developed for only $6 million, directly challenges the logic of the AI industry that 'you need to burn money to achieve results', leading to a sharp decline in tech stocks and impacting the cryptocurrency market as well. Second, the Trump administration began to impose large-scale tariffs, imposing a 25% tariff on Canada and Mexico, a 10% tariff on China, and plans to target the EU. This atmosphere of trade war has raised concerns about an economic recession, causing Bitcoin to drop to $91,000 at one point. However, some analysts believe that, in the long run, the tariff policy will actually weaken the dollar, which is beneficial for Bitcoin's price. The third negative factor is that El Salvador has canceled Bitcoin's status as legal tender. Although they are still continuing to buy Bitcoin and have recently increased their holdings to 6,055 coins, this policy shift has still brought some negative impact to the market.