Bitcoin drops to $93k due to rate jitters and potential government coin sales.

From Investing.com

January 10, 2025 01:10:35 AM:

Bitcoin experienced a sharp drop as concerns over U.S. interest rate cuts and potential government coin sales dampened sentiment towards crypto. The world’s largest cryptocurrency fell 0.6% to $93,925.0, facing its worst weekly performance since late September.

Reports of the Department of Justice receiving court approval to sell $6.5 billion worth of Bitcoin confiscated from the Silk Road black market added to selling pressure. Despite hopes of a Bitcoin strategic reserve under President Trump, doubts linger over its feasibility due to Congress approval.

Altcoins followed Bitcoin’s downward trend as anticipation of key data on nonfarm payrolls weighed on risk appetite. The Federal Reserve’s outlook for fewer interest rate cuts in 2025 further dampened market sentiment. Ethereum fell 2% to $3,262.51, while XRP dropped 2.3% to $2.2949.

Read more at Investing.com: down to $93k amid rate jitters, DOJ sale pressure By Investing.com