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BitcoinSistemi 2025-01-08 17:04:09

Why Are Bitcoin and Altcoins Falling? Here Are All the Reasons in Depth!

Why Are Bitcoin and Altcoins Falling? Here Are All the Reasons in Depth!

The world's largest cryptocurrency, Bitcoin, has dropped below $95,000, extending its decline as the overall crypto markets face sharp losses. At the time of writing, Bitcoin is trading at $94,771, with many altcoins down 20-30%. The market turmoil comes after unexpectedly strong economic data from the US, which has raised concerns about a prolonged period of high interest rates. The decline was triggered by the release of strong U.S. labor and economic confidence indicators, including: JOLTS Job Postings: 8.1 million (over 7.7 million expected). Services PMI: 54.1 (better than expected 53.3). ISM Service Prices: 64.4 (well above expectations of 57.5). While positive economic data usually bodes well for traditional markets, it often has the opposite effect on riskier assets like Bitcoin and altcoins. A strong labor market and rising confidence in economic activity suggest the Fed may delay rate cuts, a scenario that has dampened interest in cryptocurrencies. Related News: US Treasury Secretary Janet Yellen Speaks on the US Economy and Interest Rates The crypto market was positioned for weaker economic data that could have supported a more dovish Fed stance. Instead, unexpected strength in the labor market has given the Fed “two reasons to maintain high interest rates,” as analysts put it: Resilient Labor Market: Higher income levels increase consumer spending, potentially fueling inflation. Service Sector Prices: The sharp increase in service prices is reinforcing inflationary pressures. With inflation remaining a concern, markets are expecting fewer rate cuts in 2024. As a result, yields on long-term U.S. Treasury bonds have risen, a development that has often pressured Bitcoin given its sensitivity to tighter monetary policy. Adding to the pressure, retail interest in cryptocurrencies has also waned. Google search trends show a sharp decline in interest in Bitcoin and altcoins since their December highs. Retail investment volume, a key driver of previous bull markets, has also declined significantly in recent weeks, with purchases below $10,000 falling. Bitcoin’s failure to hold above $100,000 triggered additional selling pressure, with long-term holders dumping significant amounts of Bitcoin at these levels, reminiscent of the $70,000 sell-off in March 2024. The US Dollar Index (DXY) continues its strong run, adding pressure on Bitcoin. A strong dollar reduces the appeal of riskier assets like cryptocurrencies. However, some analysts predict a potential decline in the dollar’s strength in the coming months, which could provide relief for Bitcoin and altcoins. While it is not uncommon for institutional investors to sell at year-end for profit, several key events in January can impact market volatility: Today: FOMC meeting minutes. Friday: US nonfarm payrolls report. January 15: US inflation data for 2024. January 24: Bank of Japan interest rate decision. January 29: FED interest rate decision. *This is not investment advice. Continue Reading: Why Are Bitcoin and Altcoins Falling? Here Are All the Reasons in Depth!

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