News
Aniket Verma
·
January 10, 2025
·
Benzinga
Aniket Verma
·
January 10, 2025
·
Benzinga
Leading cryptocurrencies mounted losses on Thursday as investors remained cautious ahead of the release of a crucial jobs report
| Cryptocurrency | Gains +/- | Price (Recorded at 7:30 p.m. ET) |
| Bitcoin (CRYPTO: BTC) | -2.54% | $92,600.34 |
| Ethereum (CRYPTO: ETH) | -3.22% | $3,220.17 |
| Dogecoin (CRYPTO: DOGE) | -5.10% | $0.3237 |
What Happened: Bitcoin fell to an intraday low of $91,220 late afternoon before recouping some losses by evening. The leading cryptocurrency has declined nearly 10% since the highs of $102,000 earlier in the week.
The report of the Justice Department getting approval to sell $6.5 billion in Bitcoin and on-chain movements created panic in the market, although it was yet to be confirmed the sale happened.
The extended slump triggered a fresh wave of liquidations, with nearly $285 million in upside bets getting evaporated in the last 24 hours.
That said, more than 68% of traders on Binance were betting on Bitcoin's rebound, according to the Long/Short ratio.
A reversal to $100,000 will liquidate nearly $780 million in short positions.
The market sentiment slipped into the "Neutral" zone from "Greed," according to the Crypto Fear & Greed Index, as traders lowered risk appetite.
Top Gainers (24-Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 7:30 p.m. ET) |
| BitTorrent New (BT) | +3.68% | $0.000001168 |
| Kaia (KAIA) | +3.19% | $0.2108 |
| Litecoin (LTC) | +1.48% | $102.64 |
The global cryptocurrency market capitalization stood at $3.23 trillion, falling by 2.54% in the last 24 hours.
Stock futures slipped in overnight trading. The Dow Jones Industrial Average Futures fell 183 points, or 0.43%, as of 7:44 p.m. EDT. Futures tied to the S&P 500 dropped 0.58%, while Nasdaq 100 Futures lost 0.73%.
Investors were gearing up for the December jobs report, due on Friday, to determine the Federal Reserve's next moves on monetary policy.
The New York Stock Exchange and Nasdaq were closed on Thursday in observance of a National Day of Mourning for former President Jimmy Carter. Markets will resume trading on Friday.
See More: Best Cryptocurrency Scanners
Analyst Notes: Popular blockchain analytics firm CryptoQuant stated that Bitcoin was yet to reach a cycle top, according to analysis of the Market Value to Realized Value indicator.
"MVRV metric reached the value of 3 at the market tops in the past two cycles, whereas it currently stands at 2.14… it can be said that Bitcoin is preparing to move towards the top price of this cycle," CryptoQuant added.
Michaël van de Poppe, another widely followed cryptocurrency analyst, noted that the altcoin season was yet to begin, citing the Altcoin Season Index.
"However, as the number drops sub 50, it provides a tremendous opportunity to accumulate your altcoins," Van De Poppe added. "It’s bull market year."
At the time of the X post, the indicator showed a reading of 47.
Photo by Igor Faun on Shutterstock
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