News View Non-AMP

Crypto Market Crash (Jan 8th, 2025): Bitcoin Price Drops to $96k | Millions Wiped Out from Market!

Published by
Shrishesh Tanksalkar

The cryptocurrency market experienced a sharp downturn today, with the global market cap shedding 6.12%, plunging to $3.36 trillion. A steep increase in trading volume, up 35.28% to $172.39 billion, reflects growing market activity despite volatility. The Fear & Greed Index dropped to 54, signaling a neutral sentiment as traders navigate uncertainty.

Key Factors Fueling the Crash

A sharp rise in U.S. Treasury yields over the past decade, coupled with macroeconomic uncertainties such as fiscal deficits and a looming debt ceiling, has driven investor unease. These factors have increased volatility across asset classes, impacting cryptocurrencies.

Bitcoin Price Today Bears the Brunt?

Bitcoin, the market leader, saw its price decline by 5.23% over the past 24 hours, settling at $96,418.88. Despite the drop, its market cap remains robust at $1.91 trillion. Trading volume for BTC rose significantly by 26.81% to $62.56 billion, reflecting increased sell-side pressure amid macroeconomic headwinds.

Explore more in-depth Bitcoin insights in our Bitcoin Price Prediction.

Altcoins Back in Turmoil?

Ethereum led the altcoin market fall with a steep 8.61% drop to $3,352.49. Solana and XRP followed, falling 9.21% and 5.06%, respectively. The broader market sentiment reflects unease, as traders weigh the potential impact of external factors on crypto valuations.

For more detailed Ethereum analysis, check our Ethereum Price Prediction.

Top Gainer

BGB: Gained 2.63% to reach $6.49.

Top Losers

  • HYPE: Dropped by 16.69% to $21.32.
  • TIA: Declined by 14.89% to $4.66.
  • ENA: Fell by 14.84% to $0.9846.

Subscribe to us for every day updates from the industry!


FAQs

Is it the right time to buy Bitcoin?

BTC is presently available at a discount of 5% over the previous day, which makes it a decent time to stack some.

Which token performed best despite the crash?

BGB emerged as the top performer, posting a 2.63% gain to $6.49.

Why is crypto market down today?

Rising U.S. Treasury yields, fiscal uncertainties, and concerns over the debt ceiling contributed to the market’s steep decline.

Shrishesh Tanksalkar

Recent Posts

XRP Becomes Most Traded Altcoin in Japan, Surpassing Ethereum

Japan’s banking sector is gearing up for a major shift, with nearly 80% of banks…

April 28, 2025

Why XMR Price Surging Today – Key Reason Behind It

Monero (XMR), known for its focus on privacy and anonymity, has surged nearly 50%, reaching…

April 28, 2025

Top Token Unlock Upcoming This Week- Is a Major Volatility on the Horizon?

The crypto markets are getting stronger and stronger as Bitcoin sustains strongly above the gains.…

April 28, 2025

Cardano Price Prediction: Hoskinson Predicts $3, $5 and $10 ADA Soon

Charles Hoskinson, the founder of Cardano, has made bold predictions for ADA. According to him,if…

April 28, 2025

Suspicious Bitcoin Transfer Triggers 50% Surge in Monero Price

Around nine hours ago, 3,520 $BTC, worth approximately $330.7 million, was suspiciously transferred from a…

April 28, 2025

Vitalik Buterin’s New Upgrade Could Future-Proof Ethereum Against Bitcoin Threat

Ethereum, one of the biggest forces in blockchain technology, is once again under the spotlight.…

April 28, 2025