Bitcoin slides below $100k due to concerns over slower rate cuts, impacting broader market.

From Investing.com

January 8, 2025 01:16:16 AM:

Bitcoin fell on Wednesday, erasing recent gains due to concerns over slower interest rate cuts in 2025. It dropped 0.3% to $96,607.7, losing over 5% on Tuesday. The crypto had surged past $100,000 but is now back near late-December lows.

Bitcoin’s losses were part of broader market decline as strong U.S. economic data raised worries about slower rate cuts. November data surpassed expectations, with December data expected to provide more labor market insight. The Fed’s cautious approach to rate cuts due to inflation concerns also impacted Bitcoin.

Altcoins, including Ether and Solana, followed Bitcoin’s decline, with Ether falling 8.4% to $3,360.35 and Solana dropping 5.1% to $2.3084. Analysts predict Ether may outperform Bitcoin in 2025 due to favorable U.S. regulations encouraging diversification. Other altcoins and meme tokens also saw significant losses.

Read more at Investing.com: slides to $96k as rate fears wipe out recent rebound By Investing.com