The total cryptocurrency market capitalization dropped 3.5% to $3.4 trillion, and Bitcoin’s price fell to $94,000 on January 8, 2025. By the following day, the market cap had shrunk further to $3.1 trillion.
- DOJ Bitcoin Sale: The U.S. DOJ announced plans to sell 69,370 seized Bitcoins worth $6.5 billion, sparking investor outrage amid rumors the sale happened earlier at peak prices.
- Fed Rate Cuts: Lower interest rates led investors to pull out of high-risk assets like Bitcoin, adding to the decline.
- Profit-Taking: After a strong rally in late 2024, with Bitcoin hitting $108,000, widespread profit-taking drove prices down.
Geopolitical tensions, including controversial statements from President-elect Donald Trump, further fueled market volatility.
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