Dogecoin (DOGE) led the decline among major cryptocurrencies, falling 10% as Bitcoin (BTC) dropped from over $102,000 to nearly $96,000. This downturn was linked to unexpected economic data that resulted in rising U.S. Treasury yields. In the past 24 hours, crypto-tracked futures experienced $560 million in liquidations, reflecting a precarious start to the year. In addition to DOGE, other cryptocurrencies like Solana (SOL), Cardano (ADA), BNB, and Ethereum (ETH) also saw losses of at least 7%. Market analysts point to a shift in sentiment as stronger-than-expected U.S. job data reduced expectations for interest rate cuts, highlighting a challenging environment for digital assets. Despite the decline, some investors remain optimistic, suggesting that such dips can lead to greater bullish movements. However, others, including Singapore's QCP Capital, caution about significant structural risks in January, particularly regarding the U.S. Treasury's debt ceiling reinstatement, which could introduce further market volatility.

Source 🔗