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Bitcoin to stumble to a low of $91,430 last week, extending its correction after reaching a high of $108,100 on December 17, 2024. It continued to fall on Monday of this week and is now down more on 15 percent on a growing market alert, directed by increasing US Treasury yields and consistent outflows from spot Bitcoin ETFs. In particular, ETFs saw seven days of the current in the past 12 trading days, with $718 million leaving in just two days, a sharp turnaround from early January inflows of nearly $2 billion.
US Treasury yields rise hit a 14-month high of 4.79 percent, drawing institutional money away from riskier assets such as Bitcoin. Historically, BTC reacts quickly to produce spikes, but this time the effect was exacerbated by the news that the US Department of Justice plans to liquidate $6.5 billion in seized Bitcoin.
Despite the macro pressures, Bitcoin remains quick– still up 42 percent since the US election – outperforming equities, which have erased post-election gains. However, with the Federal Reserve signaling fewer rate cuts and financial conditions tightening, Bitcoin could face more volatility in the short term. Optimism about pro-crypto regulation under the incoming administration of President-elect Donald Trump, however, could prevent deeper losses and keep BTC in a strong long-term position. time
The latest economic data shows that the US economy ended 2024 with a resilient labor market and unexpected growth in the services sector. In December, the job market added 256,000 nonfarm jobs, exceeding forecasts and marking the strongest monthly gain since March. Key industries such as healthcare, retail and leisure led the way, with unemployment falling to 4.1 percent and wages rising 3.9 percent year over year. This strong job growthalong with steady wage gains, underpinned by strong consumer spending, the cornerstone of the US economy. The stable labor market has also eased pressure on the Federal Reserve to cut interest rates further, delaying any possible reduction until mid-2025.
The services sector contributed to this positive trend, with the Institute for Supply Management (ISM) report an increase in the Purchasing Managers' Index (PMI) to 54.1 in December. This growth was fueled by an increase in production and new orders, indicating continued expansion across key industries such as finance, education and hospitality. However, employment in the services sector dip a littlehighlighting the evolving labor landscape with sector-specific challenges.
In the latest cryptocurrency news, the UK Treasury's decision to exempt cryptocurrencies from common investment scheme (CIS) rules. offers clarity and flexibility for blockchain businesses, fostering innovation and cementing the UK as a crypto-friendly jurisdiction. Meanwhile, in Hong Kong, the launch of the Lead Incubator for Distributed Ledger Technology by the Hong Kong Monetary Authority provides a structured environment for banks to adopt blockchain solutions such as tokenised deposits while managing associated risks, setting a global precedent for innovation and balance management.
Crypto markets still had some uncertainty, however, after news to the Department of Justice allowed to be released $6.5 billion worth of Bitcoin seized from Silk Road marketplace. News of the sale contributed to the 7.2 percent price decline in Bitcoin, heightening market concerns about potential volatility. This event, in part, challenges the pro-crypto sentiment that fueled Bitcoin's rally to an all-time high and reintroduces regulatory uncertainty, reinforcing the inter- delicate interplay between policy decisions and market sentiment.
The post Bitfinex Alpha | Bitcoin to Range as Economic Legislation Looms appeared first Bitfinex blog.
