The cryptocurrency market is facing a turbulent Monday as a result of poor U.S. macroeconomic data and significant profit-taking. Bitcoin (BTC) has seen a 1.8% decrease in the past 24 hours, dropping to $91,800, a price level not seen since December 5th when it surpassed $100,000 for the first time. The leading cryptocurrency has now fallen more than 14% from its all-time high of $108,278 on December 17th.
Meanwhile, Ether (ETH) has experienced a more modest decline of 0.7% to $3,320, although it remains 17% below its peak in December and has yet to surpass its record high of $4,820 set in 2021. Solana (SOL) is also showing some resilience compared to bitcoin, with the SOL/BTC ratio increasing by 0.35% today.
The CoinDesk 20 index, which tracks the top 20 cryptocurrencies by market capitalization excluding stablecoins, memecoins, and exchange coins, is also in the red, sliding by 3.74%. Ripple (XRP) and Stellar (XRM) have experienced the most significant drops, declining by 6% and 6.3% respectively, while litecoin (LTC) has been relatively stable with a 1.9% decrease.
Stocks of crypto-related companies have also been affected, with MicroStrategy (MSTR) and Coinbase (COIN) dropping by 7% and 5.3% respectively. Major bitcoin mining firms like MARA Holdings (MARA) and Riot Platforms (RIOT) have seen even larger declines of over 7%.
The current selling pressure is primarily driven by investors taking profits after bitcoin’s impressive 117% surge this year. Profit-taking has exceeded $1.2 billion on a seven-day moving average, although it is lower than the peak of $4.0 billion seen on December 11th. Long-term bitcoin holders are among the investors cashing out their profits.
In addition to profit-taking, macroeconomic factors are also contributing to the market downturn. The U.S. Chicago PMI, which measures the performance of the manufacturing and non-manufacturing sectors in the Chicago area, has reported its lowest reading since May, indicating an economic slowdown.
Uncertainty surrounding the Federal Reserve’s interest rate policy for 2025 is adding to the market’s concerns, as the central bank has indicated a pause on rate cuts until at least March. The upcoming inauguration of President-elect Donald Trump on January 20th may also be influencing market sentiment, with the S&P 500, Nasdaq, and Dow Jones all experiencing declines of more than 1%.
Looking ahead, Joe Carlasare, a partner at Amundsen Davis, remains cautiously optimistic about the market in 2025. He believes that bitcoin’s adoption will continue to grow, and its performance will likely be influenced by traditional market trends. However, he warns that the path ahead may deviate from consensus expectations, and investors should be prepared for potential volatility in the coming year. When it comes to taking care of your skin, it’s important to understand that not all products are created equal. With so many options available on the market, it can be overwhelming to know which ones are truly effective and safe for your skin. One type of skincare product that has been gaining popularity in recent years is natural and organic skincare.
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