look news india
Mumbai: Bitcoin again slipped inside $1,00,000 and closed above $95,620 late in the evening on sentiments that interest rate cuts by the Federal Reserve will slow down due to strong US economic data. Other cryptos also saw declines behind Bitcoin.
The data obtained showed that service sector activity in the US increased in December and job opportunities also increased in November. Given this resilience in the US economy, the Federal Reserve is expected to cut interest rates less in 2025.
Bitcoin, which had touched $1,02,000 at the beginning of the current week, touched a low of $95,282 and a high of $101,469 on Wednesday and was trading at $95,629 late in the evening. Prices of other cryptos like Ethereum, XRP, Binance, Dogecoin also saw a fall due to selling pressure.
The market cap of cryptocurrencies fell to $3.49 trillion. The market is also keeping an eye on the first non-farm payroll data of the new year due on Friday.
If non-farm payrolls data comes out good, it will strengthen the dollar which could lead to a rise in interest rates. In such a situation, the possibility of further correction in risky assets like Bitcoin cannot be ruled out, an analyst said.