The crypto market experienced a major sell-off on January 7, causing the price of Bitcoin to drop significantly after reaching $100K. The dip also affected other major cryptocurrencies, leading to over $150 million in liquidations. As of the time of publication, Bitcoin's price has dropped by more than 4%, while Ethereum, Solana, and XRP have also seen declines. The market correction resulted in $388 million worth of long and short positions being liquidated, with long positions accounting for the majority. Crypto stocks, including MicroStrategy and Coinbase, also dropped in value. The market downturn is attributed to strong economic data in the US causing a spike in bond yields and concerns about inflation. The drop in crypto prices also coincided with an increase in the 10-year US Treasury yield. Overall, the sell-off represents the largest decline in the crypto market in nearly a month.



Other News from Today