Bitcoin, Tech Stocks Fall as Economic Strength Challenges Rate Cut Hopes
Markets decline on hotter-than-expected economic data, with Bitcoin shedding over 5%.
Why Is Crypto Down Today: Bitcoin, Tech Stocks Fall as Economic Strength Challenges Rate Cut Hopes The crypto and traditional markets experienced significant declines on January 7, 2025, primarily driven by stronger-than-anticipated economic indicators that could delay anticipated Federal Reserve rate cuts.
Bitcoin dropped to $96,909, marking an over 5% decline in the past 24 hours.
The sharp correction saw over $$483.44M in long positions liquidated within just 24 hours, according to Coinglass data. Other major cryptocurrencies followed suit, with Ethereum falling over 8%, and Solana declining over 7%.
The catalyst for today's market movement came from two key economic reports. First, the Institute for Supply Management's December PMI jumped to 54.1, surpassing November's 52.1. On the other hand, where November's JOLTS report showed higher-than-expected job openings, though hiring decreased compared to the previous month. The quit rate, which indicates worker confidence, fell to 1.9% from October's 2.1%.
These economic indicators have led investors to recalibrate their rate-cut expectations, with traders now seeing less than a 50% chance of rate cuts before June. The Federal Reserve is widely expected to maintain current rates at its upcoming January meeting.
The stock market reflected these concerns, with the S&P 500 falling 1.1% and the Nasdaq Composite dropping 1.9%. Nvidia shares tumbled 6.2% despite CEO Jensen Huang's announcement of new AI initiatives at CES.
Binance Square is pleased to introduce the launch of a new campaign on the Task Center on the Binance App. Users can complete simple tasks daily to unlock a share of $5,000 in USDC token rewards and earn Binance Points.
Activity Period: 2024-12-19 06:00 (UTC) to 2024-12-25 06:00 (UTC)
All eligible users can complete each of the following tasks once every day during the Activity Period.
Tasks: 1. Check in to Binance Square daily.* 2. Create a post with at least 100 characters using the limited-time hashtag (e.g., $BTC) OR selected trading pair. 3. For new Square users who have never posted on Square before the Activity Period, their first post will count as double (i.e., 2 participations).
Notes: Limited-time hashtag and selected trading pair will be refreshed daily at 06:00 (UTC) and will run for 24 hours.
Completion of check-in AND creation of post (either with the hashtag OR the trading pair) counts as 1 participation. Users will need to complete both tasks within the 24-hour window for it to be counted as a valid entry.
Reward per Eligible Participant = Number of Tasks Completed / Total Number of Tasks Completed by All Participants * Reward Pool, capped at $10 per participant.
Terms & Conditions This Activity may not be available in your region. Eligible users must be logged in to their verified Binance accounts whilst completing tasks during the Activity Period in order for their entries to be counted as valid. Users will receive a share of the reward pool and Binance Points upon completion of tasks and will be able to redeem their voucher and Points via Profile > Rewards Hub. Token vouchers will be distributed within 21 working days after the campaign ends and expire 14 days after distribution. Points will expire on the last day of the same month a year later on a first-in, first-out basis. Illegally bulk registered accounts or sub-accounts shall not be eligible to participate or receive any rewards.
At the moment, this is it, but if the price rises, the money will be saved. I have been in a similar situation many times and even made money! But this is different.
STANDARDPAY
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Well, I was waiting for this boost, I took the risk and had the sense to open a long position on $XLM for the New Year
Well, I was waiting for this boost, I took the risk and had the sense to open a long position on $XLM for the New Year
F*ck... 🤦♂️😎
МонетныйМастер
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This week, cryptocurrencies and stocks did not receive the expected holiday boost. 🎅 Bitcoin dropped by 2% over the week, despite a small increase of 0.8% on Sunday. Ethereum managed to rise by 1.5%, while BNB, Solana, and Toncoin showed more significant results.
However, Fantom, Ethena, and Ondo faced a sharp decline. High valuations and Bitcoin miner sell-offs, as well as a downturn in tech stocks, may have contributed to the lack of holiday spirit. 📉
The crypto market is experiencing a painful downturn, but everything can change! 📉📈 Trading volumes have fallen by 64% in the last days of 2024, but this could be a springboard for price growth. Whales are actively buying up assets, including Dogecoin, which could lead to a jump in the price of meme coins. 🐋 Binance is also increasing its stablecoin reserves, which provides liquidity and stability. This could be a bullish signal for the market!
Hmm… :| What are the week's forecasts for Altcoins?! Also, what will happen tomorrow night?
МонетныйМастер
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This week, cryptocurrencies and stocks did not receive the expected holiday boost. 🎅 Bitcoin dropped by 2% over the week, despite a small increase of 0.8% on Sunday. Ethereum managed to rise by 1.5%, while BNB, Solana, and Toncoin showed more significant results.
However, Fantom, Ethena, and Ondo faced a sharp decline. High valuations and Bitcoin miner sell-offs, as well as a downturn in tech stocks, may have contributed to the lack of holiday spirit. 📉