The crypto market took a hit as Bitcoin (BTC) fell below $100,000. Stronger-than-expected U.S. economic data dampened optimism about the digital asset, reversing recent gains.

The price drop caused about $300 million in losses for traders who bet on higher prices, marking the first significant market reshuffle this year, according to CoinGlass.

Investors no longer expect an interest rate cut in January. The odds of a rate cut in March have dropped to 37%, down from 50% last week, according to the CME FedWatch tool.

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