Dogecoin (DOGE) experienced the biggest drop among major cryptocurrencies as bitcoin (BTC) declined to nearly $96,000, which was attributed to the release of strong economic data that caused U.S. treasury yields to rise. Other cryptocurrencies such as Solana’s SOL, Cardano’s ADA, BNB Chain’s BNB, and ether (ETH) also fell. Bitcoin dropped by 5.5%, while the CoinDesk 20 (CD20) index, which tracks the largest tokens by market cap, fell by 7.1%. Crypto futures betting on higher prices also faced liquidation of $560 million. The decline in the crypto market mirrored losses in U.S. stocks due to stronger-than-expected U.S. job data and an increase in job openings. This led to a decrease in Treasury securities and a rise in the 10-year Treasury yield. The market drop is considered a temporary setback, with some experts predicting that it will pave the way for future bullish movements, particularly with the new crypto-friendly administration entering the U.S. However, Singapore-based QCP Capital believes that January will be a challenging period for crypto markets due to structural risks, including the reinstatement of the U.S. Treasury debt ceiling.



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