Market updates
Bitcoin Slips Below $93K in Crypto Selloff, but Trader Sees Short-Term Bounce
Pemula
2025-01-09 | 5m
Bitcoin (BTC) erased all its early-2025 rise on Wednesday as macro jitters and the global bond rout accelerated the sell-off in
crypto prices. The largest crypto slipped to a session low of $92,600 during U.S. trading hours, shedding nearly 10% in two days from its Monday peak above $102,000. It has recovered some of the losses and recently traded at $94,300, still down 2.5% over the past 24 hours.
Cardano's ADA, Render's RNDR and Aptos' APT led losses in the broad-market benchmark.
The violent two-day plunge liquidated nearly $1 billion worth of leveraged derivatives positions across crypto assets, predominantly longs betting on higher prices,
CoinGlass data shows. The slide also pushed BTC temporarily below where it started the year. At the recent price, it was up 1% from its Jan. 1 opening.
Crypto-related stocks weren't spared. Several bitcoin miners, including TeraWulf (WULF), Bit Digital (BTBT), Bitdeer (BTDR), IREN (IREN) and Hut 8 (HUT) endured 5%-8% declines. Medical devices producer Semler Scientific, which adopted a BTC treasury strategy following MicroStrategy's (MSTR) footsteps, was down nearly 10% through the day and is now down more than 15% for the week and roughly 40% from its late December high. MSTR was down 2.2% on Wednesday.
Several analysts
warned crypto traders of a treacherous January, with potential macro headwinds for risk assets lying ahead, including a hawkish Federal Reserve, rapidly surging long-term government bond yields, sticky inflation readings and the possibility of a U.S. government shutdown. What appeared to kickstart the pullback across all assets was Tuesday's strong U.S. economic data prints that had investors pare back their rate cut expectations for the year. Notably, Fed governor Christopher J. Waller
came out on Wednesday in support of further interest rate cuts through the year and allay fears of inflation from potential tariffs enacted by incoming President Dinald Trump. However, that didn't change investors' interest rate outlook much, as the
CME FedWatch showed.
Released Wednesday afternoon during U.S. hours, minutes from the Fed's most recent policy meeting
showed most believing the upside risks to inflation had increased and also evidenced some worry that Trump's tariff policy could have more effect on price levels than previously assumed.
Source:
CoinDesk
Futures Market Updates
More liquidations took place after Bitcoin plunged below $93K earlier today.
Bitcoin Futures Updates
Total BTC Open Interest: $61.21B (-2.81%)
BTC Volume (24H): $120.17B (-0.16%)
BTC Liquidations (24H): $101.08M (Long)/$41.96M (Short)
Long/Short Ratio: 48.54%/51.46%
Funding Rate: 0.0091%
Ether Futures Updates
Total ETH Open Interest: $29.87B (-2.44%)
ETH Volume (24H): $52.37B (-22.28%)
ETH Liquidations (24H): $48.75M (Long)/$40.64M (Short)
Long/Short Ratio: 48.47%/51.53%
Funding Rate: 0.0078%
Top 3 OI Surges
AVAAI: $4.99M (+981.66%)
GAS: $70.41M (+512.62%)
ONG: $12.26M (+238.46%)
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