From Nasdaq: 2025-01-07 18:36:53

Bitcoin and other cryptocurrencies dropped as key economic indicators came in better than expected. Bitcoin was down 4.9%, Ethereum dropped 7.4%, and Dogecoin fell 8.9%. The ISM Services PMI rose to 54.1 in December, indicating economic expansion, and job openings increased to 8.1 million. Businesses are concerned about higher costs and inflation, potentially leading to less Fed accommodation and interest rate hikes. The positive economic news caught crypto investors off guard, causing $457 million in long positions to be liquidated. The catalysts that drove the 2024 crypto surge are wearing off, impacting the market today.

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Read more at Nasdaq: Bitcoin Drags Crypto Lower on Strong U.S. Economic Data