Bitcoin Falls to $95,000, Canaan Drops 11%, Riot Platforms Down 5%

Tiger Newspress01-08 23:00

Bitcoin fell to $95,000, currently trading at $95,140, with a 24-hour drop of 1.8%.

Crypto shares fell in Wednesday trading. Canaan fell 11%; Riot Platforms, Iris Energy fell 5%; MARA Holdings fell 3%; MicroStrategy fell 2%; Coinbase fell 1%.

Bitcoin reached the $100,000 milestone again Monday for the first time since Dec.19, but its time above that key level again looks to be short-lived. Economic data may have been behind Bitcoin’s slump–stocks also fell Tuesday and bond yields rose as job openings and manufacturing data were robust, casting further doubt on the path of interest rates.

In the aftermath of Trump’s election win, digital assets spiked on the prospect of a crypto-friendly president. A raft of favorable appointments to the Trump administration helped the momentum going well into December.

But the regulatory, or political, catalysts may be running out of steam for now, leaving cryptos more exposed to other factors.

“Interestingly, Bitcoin–which has shown a low sensitivity of late to the U.S. data flow and U.S. bond yields–did react to the U.S. data,” Pepperstone analyst Chris Weston said late Tuesday.

If Bitcoin and other coins are suddenly reacting to U.S. economic data then that’s a significant shift that crypto investors need to be mindful of.

It also makes Friday’s December jobs report a much bigger deal for cryptocurrencies. Investors will want to see signs the labor market is cooling—that would help stocks and potentially cryptos if the new-found link holds true.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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