Why did the cryptocurrency market fall today?🧐
The cryptocurrency market fell after Bitcoin immediately moved away from the $100,000 level following strong economic data reports from the United States.
The cryptocurrency market took a hit today, with the total market capitalization falling approximately 6.3% to around $3.35 trillion on January 8, as strong economic data from the U.S. pointed to possible interest rate hikes.
Let's take a closer look at the factors driving the current decline in the cryptocurrency market.
Bitcoin leads the market down
Today's cryptocurrency market decline is part of a correction that began during the early trading hours in New York on January 7, when Bitcoin lost the $100,000 level, as the U.S. data was stronger than expected.
The price of Bitcoin fell 6.35% to an intraday low of $5,279 on January 8. The decline of the leading cryptocurrency has caused panic among cryptocurrency investors, and prices have fallen across the board.
Ethereum lost all the gains it had made over the last seven days, dropping to a low of $3,300 on January 8, recording losses of 10% in the last 24 hours.
$BTC
