Bitcoin price fell over 5% on Monday evening as positive US economic data raised concerns over delayed Federal Reserve rate cuts.
This drop led a broader crypto market downturn, wiping $280 billion off the total market cap, which now stands at $3.52 trillion.
BTC price dropped to $96,602 at its lowest, breaking below the $97,000 mark after a strong rally last week. The coin recovered slightly over the next hour to trade at $96,800 at press time.
The drop comes as reports showed a surprise increase in job openings and a strong services sector in December. This reading pointed to a resilient US economy, sparking concerns that the Federal Reserve may delay cutting interest rates.
As a result, Treasury yields surged to their highest levels since April, reflecting expectations that the Fed may keep or even raise interest rates.
These higher rates make riskier assets like Bitcoin less attractive compared to safer investments like bonds.
The downturn also saw $555 million in long positions liquidated in the derivatives markets. This marks the first major liquidation event of the year.
The market volatility is expected to continue as traders adjust leverage and await key events like Donald Trump’s inauguration on January 20 and the Fed’s interest rate decision on January 29.
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