Bitcoin (BTC) fell over 4% to below $98K as stronger-than-expected U.S. economic data led to significant selling in the crypto markets, resulting in nearly $300 million liquidations of bullish positions. Key data reports showed job openings rose to 8.1 million, surpassing analyst expectations, while the ISM Services Purchasing Managers Index came in at 54.1 for December, also above predictions. This economic outlook shifted investor sentiment, causing a rollback in expectations for Federal Reserve rate cuts, with only one anticipated for the year. Alongside BTC, major altcoins like Ethereum (ETH) and Solana (SOL) saw declines of 6% to 9%. The rise in U.S. Treasury yields prompted further selling in equities, with the Nasdaq down over 1%. Overall, the swift downturn marks a significant shift in momentum for cryptocurrencies as financial conditions tighten.

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