Bitcoin prices have declined this week, dropping below $93,000 earlier today after robust economic data provoked concerns that Federal Reserve officials
Bitcoin prices dropped roughly 10% in the last few days.
The world’s most valuable digital currency by total market capitalization fell to $92,500 this afternoon, according to Coinbase data from TradingView. At this point, it had fallen approximately 10% after reaching as much as $102,700 on Monday, January 6.
“Strong U.S. job data and PMI figures released recently have led to a reassessment of expectations regarding interest rate cuts by the Federal Reserve for 2025,” he continued.
“This adjustment in market expectations has contributed to a rise in U.S. Treasury yields, which often inversely correlates with risk assets like Bitcoin, leading to a sell-off in cryptocurrencies,” Bernegger added.
“The recent data released this week suggested continued economic strength in the U.S., which sent bond yields higher and caused the equity market to pull back slightly,” he said through emailed comments.
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