The cryptocurrency market has experienced notable volatility recently, with significant movements in major digital assets.

This decline follows a brief surge above the $100,000 mark, influenced by stronger-than-expected U.S. economic data that dampened hopes for aggressive Federal Reserve rate cuts.

Ethereum (ETH) has also faced downward pressure, trading at approximately $3,330, a decrease of about 3.8% from the previous close.

This drop has erased gains accumulated over the past week.

Other major cryptocurrencies have mirrored this trend:

BNB: Currently priced around $689, down approximately 2.7%.

XRP: Trading at $2.30, a slight decrease of about 0.4%.

Cardano (ADA): Valued at $0.97, down approximately 7.4%.

Dogecoin (DOGE): Priced at $0.34, a decline of about 5.6%.

Solana (SOL): Trading at $196.75, down approximately 5.4%.

Polkadot (DOT): Valued at $6.80, a decrease of about 6.8%.

Litecoin (LTC): Priced at $102.38, down approximately 3.6%.

Chainlink (LINK): Trading at $20.54, a decline of about 6.7%.

These movements have led to the liquidation of over $300 million in long positions, reflecting the market's heightened volatility.

Analysts attribute this downturn to robust U.S. economic indicators, which have reduced expectations for imminent interest rate cuts by the Federal Reserve.

Additionally, recent statements from President-elect Donald Trump have emphasized a shift toward protectionist policies, contributing to the strengthening of the U.S. dollar.

Historically, a stronger dollar has correlated with selling pressure on riskier assets, including cryptocurrencies.

Despite the current market correction, some experts remain optimistic about Bitcoin's long-term prospects.

Alex Thorn, head of research at Galaxy Digital, anticipates that Bitcoin could surpass $150,000 within six months and reach $185,000 by the end of the year.

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