Crypto Prices Today: Market Faces Major Downturn
The cryptocurrency market has seen a significant crash on January 8, with Bitcoin (BTC) dropping below the $97,000 mark. This sharp decline in crypto prices today follows a rise in U.S. Treasury yields, which has caused market volatility. On top of this, the Institute for Supply Management (ISM) released a report showing the December Purchasing Managers’ Index (PMI) for the private sector increased to 54.1, up from 52.1 in November. This triggered further instability in the market, sending Bitcoin and other cryptocurrencies plummeting.
Bitcoin Price Today: A Significant Drop Below $97,000
Bitcoin, the leader of the cryptocurrency market, saw a drop of around 5% in the past 24 hours. The price of BTC was trading at $96,633, down from its high of $102,017, marking a steep decline over the course of the day. Over the past 24 hours, Bitcoin’s price reached a low of $96,121. The market has also seen significant ETF outflows, with approximately $543 million leaving Bitcoin ETFs. Notably, Ark & 21Shares sold $212 million worth of Bitcoin ETFs, Grayscale offloaded $125 million, and Bitwise sold $113 million. These actions reflect investor concerns over the current market conditions.
Ethereum Price Today: Decline Amid ETF Outflows
Ethereum (ETH) followed Bitcoin’s downward trend, experiencing an 8% drop in the past 24 hours. Ethereum was trading at $3,383, with its 24-hour low and high ranging between $3,357 and $3,687, respectively. Ethereum’s market performance is also impacted by significant outflows in ETH ETFs. The Ethereum ETF faced an $86 million outflow, with Fidelity selling $67 million worth. Data from BlackRock on the outflow is still awaited. Despite the drop, Ethereum continues to maintain a strong position in the market, though its price is significantly affected by the overall market correction.
Other Major Cryptocurrencies in Decline: XRP, Solana, and More
Several other major cryptocurrencies, including XRP, Solana (SOL), and others, have experienced significant losses. XRP, for instance, dropped by 3%, with its price ranging from $2.27 to $2.46 in the past 24 hours. Solana (SOL) saw a similar drop of around 8%, trading at $199, with its 24-hour low at $198 and high at $217. Despite the downturn, Solana’s blockchain ecosystem has received a boost, with Toronto’s Sol Strategies announcing a CAD $25 million investment into the project.
Crypto Prices Today: Meme Coins Suffer Major Losses
Meme coins, which have gained popularity over the past few years, are also facing significant declines today. Dogecoin (DOGE) and Shiba Inu (SHIB) both fell by 8% to 10% in the last 24 hours. Dogecoin was trading at $0.35, while Shiba Inu dropped to $0.00002173. These meme coins followed Bitcoin’s downturn, reflecting the broader market trend. Other meme coins like PENGU, BONK, and PEPE also fell by 10% to 12%, further adding to the market’s volatility.
Top Crypto Gainers: Bitget Token Stands Out
In an otherwise bearish market, there was one standout performer – Bitget Token (BGB). This token was one of the few in the top 100 cryptocurrencies to show an increase, rising by 6% in the past 24 hours. BGB’s price was trading at $6.52, with a low of $6.21 and a high of $6.64. Despite the overall market slump, Bitget Token has demonstrated resilience and is attracting attention from investors looking for potential opportunities amidst the downturn.
Top Crypto Losers: HYPE and DYDX Take a Hit
The top losers in the crypto market today include Hyperliquid (HYPE) and dYdX (DYDX). HYPE saw a significant decline, dropping by 15% in the last 24 hours. The price of HYPE went from a high of $26.29 to a low of $21.95. HYPE’s market cap stands at $7.31 billion, with a trading volume of $1.92 billion, reflecting investor hesitation. Similarly, dYdX dropped by 13%, trading at $1.40, with its 24-hour low and high between $1.397 and $1.635.
Other cryptocurrencies, such as Fantom (FTM), Gala, and Beam, also experienced losses of around 12% in the past 24 hours, contributing to the overall market slump.
Liquidations and Market Movements: A Bloody Day for Traders
Today’s crypto crash has also led to massive liquidations in the market. Over 192,000 traders were liquidated, and total liquidations amounted to $606 million. A significant portion of these liquidations, $547 million, came from long positions, while $59 million came from short positions. In the past 4 hours, $85 million was liquidated, with $77 million from long positions. The largest liquidation occurred on Binance for the ETHUSDT pair, amounting to $17.74 million. This reflects how brutal the downturn has been for traders who failed to predict or manage the volatility.
Why is the Crypto Market Falling? Key Factors to Consider?
Several factors have contributed to the current crash in the cryptocurrency market. One of the key reasons is the significant rise in U.S. Treasury yields, which has affected investor sentiment and triggered a broader market correction. The increase in Treasury yields signals a stronger economy, leading investors to move away from riskier assets like cryptocurrencies and into safer investments like government bonds.
Additionally, the ISM report showing the rise in the PMI for the private sector has added to market instability. The PMI’s increase from 52.1 in November to 54.1 in December indicates that the economy is expanding, which often leads to higher interest rates and reduced liquidity in the markets. This has resulted in sell-offs across various asset classes, including cryptocurrencies.
The Future of Crypto: A Volatile Market Ahead
Looking ahead, the crypto market remains volatile. With regulatory concerns, changes in interest rates, and economic factors playing a significant role, it’s hard to predict where prices will head next. While the current downturn is concerning, many experts believe the long-term potential of cryptocurrencies remains strong. It’s important for investors to stay informed and adapt to the market conditions.
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