Cryptocurrency prices are falling across the board on Tuesday (7), led by major assets such as Bitcoin, Dogecoin and Solana, as new economic data appears set to negatively impact both the crypto and equity markets. Bitcoin has fallen from a price close to $101,000 to its current price of $97,856, down more than 4% on the day. Ethereum and Dogecoin have both fallen around 7%, while Solana has fallen 6%. Better-than-expected job openings data in the United States appear to have played a role in this move, in addition to the fact that investors are no longer pricing in a Federal Reserve interest rate cut in the first half of 2025.
Liquidations in the crypto market have surged following the correction, with $385 million in long and short positions being closed in the last 24 hours, according to data from CoinGlass. In the last four hours alone, $230 million has been liquidated, with long positions accounting for the majority, totaling $212 million.
The digital asset market has largely benefited from low interest rates, as cryptocurrencies tend to experience more volatile price movements in such conditions.
The US central bank has aggressively raised interest rates in 2022 to curb inflation in the wake of the Covid-19 pandemic, making Bitcoin less attractive to investors. $BTC $ETH $SOL