#CryptoMarketDip

The cryptocurrency market took a hit today, with the total market capitalization dropping by around 6.3% to about $3.35 trillion on Jan. 8 as strong US economic data pointed toward potential interest rate hikes.

Let’s look closer at the factors driving the crypto market down today.

Bitcoin leads the market slump

Today’s crypto market decline is part of a correction that started during the early New York trading hours on Jan. 7 when Bitcoin BTC$95,091 lost the $100,000 level, as two stronger-than-expected US economic data prints quelled the early-year momentum by crypto assets. 

BTC price dropped as much as 6.35% to an intra-day low of $05,279 on Jan. 8. The decline in the pioneer cryptocurrency triggered panic selling among crypto investors, with prices dropping across the board.

Ether ETH$3,350.09 lost all the gains made over the last seven days, dipping as low as $3,300 on Jan. 8, recording 10% losses over the last 24 hours.