#CryptoMarketDip The crypto market slid with Bitcoin (BTC) losing ground to the $100,000 level on Tuesday morning US time, after two stronger-than-expected US economic data dampened the digital asset’s positive momentum at the start of the year.

The Bureau of Labor Statistics’ JOLTS job openings report for November unexpectedly rose to 8.1 million from 7.8 million the previous month, easily beating analysts’ forecasts for a decline to 7.7 million.

Released simultaneously, the ISM Services Purchasing Managers’ Index, a monthly measure of economic activity in the services sector, came in at 54.1 for December, beating expectations of 53.3 and well above November’s 52.1. The Prices Paid subindex came in at a very strong 64.4, compared with estimates of 57.5 and 58.2 in the previous month.

While neither report is likely to be a major market mover, the combination of the two exacerbated an already jittery bond market, pushing the 10-year U.S. Treasury yield up another five basis points to 4.68% and near its highest level in years. The move weighed on U.S. stocks, with the Nasdaq down more than 1% in late morning trading and the S&P 500 down 0.4%.

The strong data also led investors to further scale back their expectations for an interest rate cut in 2025.

While market participants had previously discounted the possibility of a rate cut at the Fed’s January meeting, they now see only a 37% chance of an easing move at the central bank’s March meeting, down from nearly 50% just a week ago, according to the CME FedWatch tool.

Looking further ahead, the chance of a May rate cut is also now well below 50%. Looking through 2025, Kyle Chapman of Ballinger Group noted that investors are now pricing in only about one 25 basis point rate cut for the entire year.