The cryptocurrency market is witnessing a major decline with Bitcoin and Ethereum declining

the Cryptocurrency The market faced significant losses today, with Bitcoin and Ethereum seeing sharp declines.

The price of Bitcoin fell below the $100,000 threshold, settling at $97,124, while the price of Ethereum fell by 6.75%. These moves contributed to the liquidation of more than $389 million across the market, indicating increased volatility.

The cryptocurrency market took a huge hit today as the price of Bitcoin fell below $100,000 and the price of Ethereum fell sharply. 📉💸

Bitcoin price fell to $97,124.
Ethereum lost 6.75% of its value.
More than $389 million in liquidations.

— Bitcoin.com News (@BTCTN) January 7, 2025

Bitcoin drops below $100,000

Bitcoin, which has shown strength in recent weeks, fell to $97,124 during today’s trading session. This represents a notable turnaround from its previous momentum, with investors now looking to key support levels to determine a potential next move.

Ethereum is facing a sharp decline

Ethereum also suffered a significant decline, losing 6.75% of its value. Just before the drop, WisdomTree transferred 11,733 ETH, worth $42.61 million, to Coinbase. This large deposit has raised questions about its timing and potential impact on the market.

WisdomTree has deposited 11,733 $ Ethereum($42.61 million) to #Coinbase Just before the market fallshttps://t.co/AOiTmD1eyy pic.twitter.com/xpkfR217B2

– Loconchain (@loconchain) January 7, 2025

Spot ETFs are showing strong flows

Despite today’s pullback, Ethereum ETFs recorded notable inflows on January 6. A total of $129 million flowed into Ethereum ETFs, with BlackRock’s ETHA ETF alone contributing $124 million in one day. The current total NAV of Ethereum ETFs now stands at $13.466 billion, reflecting continued institutional interest despite short-term market volatility.

The Ethereum spot ETF had a net inflow of $129 million on January 6, and the BlackRock ETF ETHA had a single-day net inflow of $124 million. The total current NAV of the Ethereum Spot ETF is $13.466 billion. https://t.co/Tvs2oCSxTg pic.twitter.com/crX2UICz7M

— Wu Blockchain (@WuBlockchain) January 7, 2025

Liquidations increase market problems

The market decline led to widespread liquidations, totaling $389 million across various assets. Sharp corrections in Bitcoin and Ethereum prices contributed significantly to this figure, underscoring the heightened risk environment.

conclusion

The sudden decline in the cryptocurrency market highlights the volatile nature of the space. While Bitcoin and Ethereum face near-term challenges, strong institutional inflows into Ethereum ETFs suggest that confidence in the long-term potential of these assets remains intact. Investors will closely monitor key support levels for signs of recovery.

Disclosure: This is not trading or investment advice. Always do your research before purchasing any cryptocurrency or investing in any service.

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