As of January 9, 2025, the total cryptocurrency market capitalization has fallen below $3.2 trillion, seeing a $300 billion wipeout since January 6, with Bitcoin hovering just above $93,000. There are unconfirmed reports suggesting the U.S. government may liquidate a significant amount of seized Bitcoin, which adds to market jitters. Inflation concerns and rising U.S. Treasury yields contribute to bearish market sentiment. These developments are echoed by rising gilt yields in the U.K., attributed to a disastrous budget that worsened the debt-to-GDP dynamics. Today, January 9, is a national mourning day in the U.S. due to the death of former President Jimmy Carter, leading to a stock market closure, with investors keenly awaiting the unemployment reports scheduled for later in the week. The market anticipates that a strong jobs report may further pressure risk assets and delay any potential rate cuts for 2025. Market metrics show BTC’s downward momentum weakening amidst potential bullish signals on the charts.

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