The crypto market has taken a hit, with Bitcoin's price dropping by more than 4% in the last 24 hours to around $97,000.¹ This dip has also affected other major cryptocurrencies, such as Ethereum, which fell by 8%, Solana by 7%, and XRP by 5%.
The main culprit behind this downturn appears to be the latest U.S. job openings data, which showed 8.1 million job openings at the end of November. This increase in job openings has led to a rise in bond yields, causing investors to become risk-averse and sell off their cryptocurrencies.
*Key Market Stats:*
- _Total Market Cap:_ $1.12 trillion, down 7.6%²
- _24-hour Trading Volume:_ $39.50 billion
- _Bitcoin's Dominance:_ 61%
The crypto market correction has also led to significant liquidations, with over $388 million worth of long and short positions being wiped out in the last 24 hours. However, some experts believe that this dip could be a buying opportunity, as the market may be oversold.