As of January 8, 2025, the cryptocurrency market is experiencing a downturn, with major cryptocurrencies showing declines over the past 24 hours.
This decline is attributed to stronger-than-expected U.S. labor market data, which has reduced the likelihood of Federal Reserve interest rate cuts. Lower interest rates generally benefit risk-on assets like Bitcoin by increasing available investment capital and making bond yields less attractive. However, current economic conditions suggest that rate cuts may slow due to persistent inflation pressures.
Other cryptocurrencies are also experiencing declines:
Ethereum (ETH): Approximately $3,352.94, down about 8.93% over the past 24 hours.
BNB (BNB): Approximately $696.65, down about 4.33% over the past 24 hours.
XRP (XRP): Approximately $2.32, down about 3.33% over the past 24 hours.
The global cryptocurrency market capitalization is approximately $3.36 trillion, reflecting a 5.99% decrease over the last day.
Please note that cryptocurrency markets are highly volatile, and prices can change rapidly. For the most current information, it's advisable to consult real-time sources
