The post Crypto Market Crash (Jan 8th, 2025): Bitcoin Price Drops to $96k | Millions Wiped Out from Market! appeared first on Coinpedia Fintech News
The cryptocurrency market experienced a sharp downturn today, with the global market cap shedding 6.12%, plunging to $3.36 trillion. A steep increase in trading volume, up 35.28% to $172.39 billion, reflects growing market activity despite volatility. The Fear & Greed Index dropped to 54, signaling a neutral sentiment as traders navigate uncertainty.
Key Factors Fueling the Crash
A sharp rise in U.S. Treasury yields over the past decade, coupled with macroeconomic uncertainties such as fiscal deficits and a looming debt ceiling, has driven investor unease. These factors have increased volatility across asset classes, impacting cryptocurrencies.
Bitcoin Price Today Bears the Brunt?
Bitcoin, the market leader, saw its price decline by 5.23% over the past 24 hours, settling at $96,418.88. Despite the drop, its market cap remains robust at $1.91 trillion. Trading volume for BTC rose significantly by 26.81% to $62.56 billion, reflecting increased sell-side pressure amid macroeconomic headwinds.
Explore more in-depth Bitcoin insights in our Bitcoin Price Prediction.
Altcoins Back in Turmoil?
Ethereum led the altcoin market fall with a steep 8.61% drop to $3,352.49. Solana and XRP followed, falling 9.21% and 5.06%, respectively. The broader market sentiment reflects unease, as traders weigh the potential impact of external factors on crypto valuations.
For more detailed Ethereum analysis, check our Ethereum Price Prediction.
Top Gainer
BGB: Gained 2.63% to reach $6.49.
Top Losers
HYPE: Dropped by 16.69% to $21.32.
TIA: Declined by 14.89% to $4.66.
ENA: Fell by 14.84% to $0.9846.
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FAQs
BTC is presently available at a discount of 5% over the previous day, which makes it a decent time to stack some.
BGB emerged as the top performer, posting a 2.63% gain to $6.49.
Rising U.S. Treasury yields, fiscal uncertainties, and concerns over the debt ceiling contributed to the market’s steep decline.
