Bitcoin fell to - Bitcoin fell to $206 million in an hour 06 million in an hour Bitcoin lost its bullishness as its price fell to the $97K level. Bitcoin fell to a low of $97,207, down 4% year-on-year, causing the global cryptocurrency market to drop 4.5% to $3.44 trillion.
additionally, the #bitcoin sell-off also affected altcoins, with #Ethereum , XRP and #Solana falling more than 5% in 24 hours. At the time, bitcoin was worth about $97,664, Ethereum was worth about $3,475, XRP was worth $2.32 and Solana was worth $BTC Over the past 24 hours, total liquidations reached $388 million and exceeded $206 million in a single hour. Most of these liquidations came from long and short positions on major exchanges. Bitcoin's sudden drop triggered a sell-off in the broader market, which was a reaction to the latest macroeconomic data from the US. With US data in the spotlight, bond yields jumping, the ISM index beating expectations and JOLTS job growth, we are in a 'good data - bad data' phase in risk asset markets ahead of the FOMC meeting in two weeks, crypto analyst Miles Deutscher said in his post.
According to the latest data from the U. S. Bureau of Labor Statistics, JOLTS job openings rose by 259,000 to 8.1 million in November 2024, indicating a strong labor market that could limit the Fed's interest rate cuts in 2025. Growth was seen in sectors such as professional services, finance and education.
addition, the ISM Services PMI index pointed to the resilience of the US economy. However, the rise raised concerns about market conditions, and US stocks fell after economic data showed that the Federal Reserve may leave interest rates unchanged despite inflation.
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