On January 7, 2025, the cryptocurrency market experienced notable volatility. Bitcoin (BTC) fell below the $98,000 mark, trading at approximately $96,879, a decline of about 1.5% from the previous close. Ethereum (ETH) also saw a decrease, trading at $2,687.66, down 5.56%. Other major cryptocurrencies, including Binance Coin (BNB), XRP, and Cardano (ADA), experienced similar downturns.
This market movement coincided with stronger-than-expected U.S. economic data, including a rise in job openings and a higher-than-anticipated ISM Services Purchasing Managers Index. These indicators led to increased Treasury yields, which typically exert downward pressure on risk assets like cryptocurrencies.
Despite the day's declines, Bitcoin has shown resilience, maintaining a price above $90,000 and reflecting a significant increase from its value at the start of 2024.
Overall, the cryptocurrency market remains sensitive to macroeconomic factors, and investors should stay informed about economic indicators and their potential impact on digital asset prices.
