News Jan 07, 2025 19:10 UTC Today, January 7, 2024, the overall cryptocurrency market is witnessing a significant price decline, resulting in long liquidations worth hundreds of millions. Amid this market downturn, Bitcoin (BTC), the world’s largest digital asset by market capitalization, has dropped by more than 5%.This significant price decline brought BTC down from $102,060 to $96,865 within mere hours, causing liquidations worth $293 million in just four hours, according to the on-chain analytics firm Coinglass. However, the liquidations continue to rise, suggesting that this price decline may not stop here.Data further reveals that out of the $293 million in liquidations, more than 90% came from long positions, with $266.18 million worth of longs liquidated, while short liquidations amounted to $25.7 million.Besides BTC, Ethereum (ETH), Solana (SOL), Dogecoin (DOGE), and Cardano (ADA) experienced price drops of 7%, 6.2%, 8.5%, and 8%, respectively. Meanwhile, XRP, the native token of Ripple Labs, appears to be moving against the market trend, showing a 1.5% upward momentum.You might be wondering why the crypto market is experiencing a sudden crash. The reason lies in a sharp increase in U.S. Treasury yields over the last 10 years. Today, the Institute for Supply Management (ISM) released a report highlighting that the December Purchasing Managers’ Index (PMI) for the private sector was 54.1, higher than November’s 52.1.This data not only impacted the cryptocurrency market but also led to a sharp decline in U.S. equities due to inflation concerns. Amid this downturn, MicroStrategy (MSTR), the world’s largest corporate Bitcoin holder witnessed a price decline of over 10%. Show More
