📌Why is the crypto market down today?🧐
The crypto market is down after Bitcoin immediately moved away from the $100,000 level following strong US economic data reports.
The crypto market took a hit today, with the total market cap falling by about 6.3% to around $3.35 trillion on January 8, as strong US economic data pointed to potential interest rate hikes.
Let's take a closer look at the factors driving the crypto market down today.
Bitcoin Leads Market Downturn
Today’s crypto market downturn is part of a correction that began during early New York trading hours on January 7 when Bitcoin lost the $100,000 level as stronger-than-expected US data showed
Bitcoin’s price dropped 6.35% to an intraday low of $05,279 on January 8. The drop in the leading cryptocurrency has sparked panic among crypto investors, with prices falling across the board.
Ethereum has lost all of its gains over the past seven days, falling to a low of $3,300 on January 8, posting a 10% loss over the past 24 hours.
