The post Why Is Bitcoin (BTC) Price Dropping Today? appeared first on Coinpedia Fintech News
The cryptocurrency market faced a sharp sell-off on January 7, losing $250 billion in value within 24 hours. Bitcoin (BTC), the leading cryptocurrency, dropped to $96,000 from $102,000, marking a significant fall. Here are the key reasons why Bitcoin’s (BTC) price drops.
Key Reasons for the Drop
Bitcoin’s price dip coincided with a rise in the 10-year U.S. Treasury yield, driven by December’s stronger PMI data. The Institute for Supply Management reported a jump to 54.1, up from 52.1 in November, signaling unexpected growth in the U.S. services sector
This raised fears of inflation staying high, which could delay the Federal Reserve’s expected rate cuts. However, higher yields often hurt risky assets like cryptocurrencies.
Additionally, the November JOLTS report showed an increase in job openings, although hiring slowed down. Meanwhile, Worker confidence also dropped, as se
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