Bitcoin, Tech Stocks Fall as Economic Strength Challenges Rate Cut Hopes
The crypto and traditional markets experienced significant declines on January 7, 2025, primarily driven by stronger-than-anticipated economic indicators that could delay anticipated Federal Reserve rate cuts.
Bitcoin dropped to $96,909, marking an over 5% decline in the past 24 hours.
The sharp correction saw over $$483.44M in long positions liquidated within just 24 hours, according to Coinglass data. Other major cryptocurrencies followed suit, with Ethereum falling over 8%, and Solana declining over 7%.
The catalyst for today’s market movement came from two key economic reports. First, the Institute for Supply Management’s…
