Bitcoin has fallen over 5% since reaching a high of over $102,000 on Monday. This 5% decline pushed Bitcoin to the $96.5K mark, and the momentum suggests the asset is struggling to recover, as it remains at this level hours after the initial drop.This marks a rocky start to 2025 as markets react to a surge in US job openings and the Federal Reserve’s projected stance on interest rates.
The JOLTS report showed job openings rose to 8.1 million in November, up from an upwardly revised 7.8 million in October. The strong labor market dampens hopes for monetary easing, signaling less urgency for rate cuts. This aligns with the CME FedWatch tool’s projection of a 95% chance that the Federal Reserve will hold rates steady at its January 29 meeting.
Amid this data, the crypto market reacted to the downside, resulting in over $400 million in liquidations, according to Coinglass data. Of this, $275 million occurred within a four-hour window. The decline spread across major digital assets, with Ethereum dropping 6.4%, XRP falling 4.8%, Solana declining 5.7%, and Dogecoin sliding 6.5% in the past 24 hours.
Pudgy Penguins’ token experienced the steepest decline, falling 12.3%, according to CoinGecko data.The crypto market had gained over 11% in the first week of 2025, but the latest downturn erased nearly half of those advances. Traders are now watching how President Trump’s pro-crypto stance might affect market sentiment, though the impact of potential regulatory changes remains uncertain.
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