Crypto Price Today: Crypto Price Today: Bitcoin price drops below $94,500; Cardano and Avalanche drop by up to 6%

Bitcoin Gold extended its decline for another day, falling more than 2% to $94,357 on Thursday after strong US economic data pointed to a strong economy, strengthening the case in favor of reducing interest rate cuts by the Federal Reserve.

Recent data showed that service sector activity in the United States accelerated in December, and job opportunities increased in November. This resilience in the US economy suggests fewer interest rate cuts by the Fed in 2025.

Markets now expect just one rate cut by the Fed in 2025, down from two in December, according to the CME FedWatch tool. Previously, the Fed indicated two interest rate cuts this year, half of what was expected earlier.

Meanwhile, rising US 10-year Treasury yields, which have risen to 4.68%, near multi-year highs, and a stronger dollar index, currently above 109, have also pressured Bitcoin, reducing demand and pushing up its price. To decline.At 11:00 AM EST, Bitcoin was trading at $94,357, down 2.2%, with an intraday low of $92,525.

“The recent price fluctuations were attributed to stronger-than-expected US economic data, which led to profit-taking among investors and contributed to a shift in market sentiment.” “While the outlook appears bearish, many investors remain optimistic about Bitcoin’s long-term prospects, suggesting that the market may stabilize and recover soon,” said Shivam Thakral, CEO of BuyUcoin. Top 6 Fast-Growing Cryptocurrencies to Watch to Maximize Profit

Avinash Shekhar, Co-Founder and CEO of Pi42, said, “Bitcoin’s recent bearish candle and drop to $92,500 serves as a reminder of increased volatility in the cryptocurrency market. On-chain metrics show that although liquidity inflows are strong, driven by expanding stablecoin supplies, Macroeconomic factors such as better-than-expected US job growth influenced prices.

“Bitcoin could now consolidate at levels around $90,000, and further correction, perhaps around $71,500,” Shekhar added.

Other major altcoins are trading mixed, including Ethereum (-1%), Solana (-1%), Dogecoin (-3.33%), Cardano (-6%), Avalanche (-4.4%), Stellar (- 3.5%), Shiba Inu fell (-2.1%), while XRP, BNB, Sui and Tonocin rose by up to 2%. The global cryptocurrency market capitalization fell by 1.73%, reaching $3.31 trillion.

“All major altcoins continue to bleed, with only XRP and Sui showing resilience,” said Vikram Subburaj, CEO. “Bitcoin needs to trade above $94,000 for the market to maintain momentum. $92,000 and $90,000 should serve as strong support levels in In the event of any further decline. From Giotos.

Read also: Understanding Bitcoin’s role in modern investment portfolios

The volume of all stablecoins now stands at $152.99 billion, representing 92.52% of the total 24-hour cryptocurrency market volume, according to data available on CoinMarketCap.

In the past 24 hours, the market capitalization of Bitcoin, the world’s largest cryptocurrency, fell to $1.870 trillion. Bitcoin dominance currently stands at 56.4%, according to CoinMarketCap. Bitcoin volume in the past 24 hours increased by 2.7% to $64.1 billion.

(Disclaimer: The recommendations, suggestions, views and opinions given by experts are their own. They do not represent the views of The Economic Times)