DIGIVESTASI - Bitcoin Slips to $96,000 Amid U.S. Economic Pressure, Just a day after reaching a critical peak of $102,000, Bitcoin's (BTC) price slipped back to $96,000. The world's largest cryptocurrency faced significant pressure from macroeconomic conditions in the United States, which have heavily influenced market sentiment.

On Wednesday morning (January 8, 2025), Bitcoin plummeted from around $102,000 to a daily low of $96,100, marking a decline of over 5% in the past 24 hours. As of this report, Bitcoin has slightly rebounded and stabilized at $96,710. Following this downturn, Bitcoin's market capitalization shrank from $2.01 trillion to $1.91 trillion.

Other Cryptocurrencies Follow Suit

Bitcoin's sharp decline also impacted other cryptocurrencies. Ether (ETH), the world's second-largest crypto, dropped 8% to $3,367 after trading near $3,700. Similarly, XRP and Binance Coin (BNB) recorded losses of 3% and 4%, respectively.

The crypto derivatives sector also felt the strain. Data from CoinGlass revealed total liquidations of nearly $600 million in the last 24 hours, with the heaviest losses sustained by long traders who had bet on rising prices. Long positions accounted for $539.93 million in liquidations.

Factors Behind the Crypto Market Correction

This significant correction in the crypto market was driven by two critical U.S. economic reports that shifted market expectations regarding Federal Reserve monetary policy.

1. Rising Purchasing Managers' Index (PMI)
   The Institute for Supply Management (ISM) reported that the December 2024 PMI rose to 54.1, up from 52.1 in November. This increase signals stronger-than-expected economic activity.

2. Job Openings Surge in JOLTS Report
   The U.S. Job Openings and Labor Turnover Survey (JOLTS) for November 2024 showed a rise in job openings despite a drop in hiring rates. Meanwhile, the quit rate—a measure of worker confidence—fell to 1.9%, down from 2.1% in October.

These reports influenced investor expectations about potential Federal Reserve rate cuts. The likelihood of a rate reduction before June dropped below 50%, with this month’s Federal Reserve meeting expected to maintain steady interest rates.

Impact on Financial Markets

The macroeconomic environment also exerted pressure on stock markets. The S&P 500 slid 1.1%, and the Nasdaq Composite dropped 1.9%, according to data from Google Finance. Nvidia shares fell by 6.2%, despite CEO Jensen Huang unveiling new artificial intelligence (AI) initiatives at the CES event.

Given the current circumstances, crypto market participants are expected to closely monitor global economic developments and Federal Reserve policy direction as key drivers of digital asset volatility.

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