Crypto price today has witnessed significant shifts, with Bitcoin dropping below ₹94,500 and altcoins like Cardano and Avalanche facing a decline of up to 6%.
Crypto price today:
Bitcoin fell over 2% to $94,357 on Thursday, the fifth day in a row. This came after strong US economic data showed that the economy was doing well, which made the case for the Federal Reserve to hold off on cutting interest rates.
New data shows that activity in the US services sector sped up in December and the number of job openings rose in November. This strength in the American economy means that the Federal Reserve will not cut interest rates as much in 2025.
According to the CME FedWatch tool, markets now expect the Fed to cut rates just once in 2025, down from two times in December. Before, the Fed said that rates would be lowered twice this year, which was half of what was expected.
Also, rising U.S. 10-year Treasury yields—they are now at 4.68%, which is close to multi-year highs—and a stronger Dollar Index—it is currently above 109—have put pressure on Bitcoin, lowering demand and driving down its price.
Bitcoin falls below ₹94,500:
The recent price fluctuations have been attributed to stronger-than-expected U.S. economic data, prompting profit-taking among investors and contributing to a shift in market sentiment,” said Shivam Thakral, the CEO of BuyUcoin.
“While the outlook appears bearish, many investors remain optimistic about Bitcoin’s long-term prospects, suggesting that the market may stabilise and recover soon,” Thakral said.
Avinash Shekhar, Co-Founder and CEO of Pi42, said, “Bitcoin’s recent bearish engulfing candle and drop to $92,500 are a reminder that the crypto market is becoming more volatile.” On-chain metrics show that even though strong liquidity flows are happening thanks to more stablecoins being available, prices were pushed down by bigger economic factors like stronger-than-expected job growth in the US.
“Bitcoin could now consolidate at levels around $90,000 and further correction, possibly towards $71,500,” Shekhar said.
CoinMarketCap shows that the total value of all stablecoins is now $152.99 billion, which is 92.52% of the total value of all cryptocurrencies traded in a 24-hour period.
BTC, which is the biggest cryptocurrency in the world, has lost $1.870 trillion in market value in the past 24 hours. CoinMarketCap says that Bitcoin has 56.4% of the market right now. From 24 hours ago to now, the value of Bitcoin has gone up 2.7%, to $64.1 billion.
Also Read: Bitcoin Price Prediction: Traders Eye $109K Amidst ETF Inflows and Political Anticipation
