By Shikha Singh
Bitcoin (BTC) slumped to $95,164 during early Wednesday trading in Asia, marking a 6% drop in 12 hours after peaking at $102,000 on Tuesday.
Despite these fluctuations, BTC remains within its mid-December range, which began after falling from its all-time high.
Macroeconomic factors like plunging US tech stocks and stronger-than-expected jobs data are to blame for the sharp correction.
In the last 24 hours, over 235,000 traders liquidated $695 million, with 90% holding long positions.
The broader crypto market faced severe losses, with total capitalization dropping by 7% to $3.53 trillion. Ethereum (ETH) fell below $3,400, erasing five days of gains, while altcoins like Dogecoin (DOGE), Avalanche (AVAX), and Near Protocol (NEAR) saw double-digit losses.
Market sentiment has turned bearish due to rising US bond yields, a strengthening dollar, and global liquidity concerns.
Furthermore, Binance launched perpetual futures contracts for AI agent tokens Cookie (COOKIE), Alchemist (ALCH), and Swarms (SWARMS) on January 7 with up to 75x leverage.
These tokens, first featured on Binance Alpha, experienced immediate drawdowns post-listing. For example, SWARMS saw a $2 million sell-off by top holders.
Analysts note that tokens often dip post-listing but may rally later, as observed with previous tokens like Fartcoin.
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