On January 8, 2025, the cryptocurrency market dropped sharply. Bitcoin prices crashed. Key altcoins also lost a lot of value.
The cryptocurrency market witnessed a dramatic downturn on January 8, 2025, as Bitcoin prices crashed below the $97K threshold, and Ethereum (ETH) also experienced a significant drop of 9%. This sharp drop in the market has caused both investors and analysts to look closely at what caused the fall and what it might mean for the wider crypto market.
Bitcoin Price Crashes Below $97K Amid Market Decline
On January 8, 2025, Bitcoin prices crashed, with the world’s largest cryptocurrency slipping below the $97K mark. Bitcoin was trading around $102K but fell 5%, dropping to $96,420.12. This was part of a larger market decline. The global crypto market dropped by about 6%. Rising Treasury yields and concerns about inflation caused the drop…
Ethereum, the second-largest cryptocurrency, also dropped with Bitcoin. ETH dropped nearly 9% trading at $3,357.71. Its trading volume increased by over 50%, reaching $34.78 billion. Other altcoins were also hit. Solana (SOL) fell 8%, and XRP lost about 4%…
Bitcoin Prices Crash: A Look at the Numbers
Bitcoin (BTC) took a big hit on January 8, falling about 5%. At that time its price was $96,420.12. Dropping below $97K is a big setback for Bitcoin after recent highs. It shows the overall negative mood in the market.
While the Bitcoin price crash was notable, trading volumes also surged, indicating heightened market activity. Trading volumes were up by over 20%, reaching approximately $61 billion over the last 24 hours. During this period, Bitcoin’s price oscillated between $96,123 and $102,022.56, emphasizing the volatility that has characterized the asset’s price action.
Bitcoin ETFs saw big withdrawals, with $543 million redeemed. Major crypto firms like Ark & 21Shares, Grayscale, and Bitwise were the biggest sellers. This shift in investor mood may have caused more selling. As a result, Bitcoin prices went down.
Ethereum Drops 9% Amid Market Crash and Rising Volumes: Bitcoin Prices Crash
Ethereum (ETH), the second-largest cryptocurrency, also dropped in the crash. ETH fell by 9% on January 8, trading at $3,357.71. This was a big drop from its previous levels. Like Bitcoin, ETH saw higher trading volumes. The 24-hour trading volume for Ethereum jumped by more than 54%, reaching $34.78 billion, showing increased interest despite the price decline.
Bitcoin Prices Crash: The Ethereum ETF market saw $86 million taken out. Fidelity, a major crypto company, withdrew $67 million of that. This shows that big investors might be losing trust in Ethereum’s short-term future. These withdrawals, along with overall market trends, caused ETH’s price to drop by 9%.
Other Cryptos Take a Hit: SOL, XRP, and More
The cryptocurrency market saw big price changes. Solana (SOL) dropped over 8% to about $197. Its price ranged from $198 to $217 in 24 hours, showing high volatility. Despite the drop, Solana’s trading volume rose by over 50% to around $5 billion.
XRP, a popular digital payment token, fell by about 4% to $2.31. Its price stayed between $2.27 and $2.46. This shows it was more stable compared to major cryptocurrencies like Bitcoin and Ethereum…
The cryptocurrency market dropped sharply on January 8, 2025. Bitcoin prices crashed by 5%, falling below $97K. Ethereum also fell by 9%. The downturn was caused by inflation worries and rising Treasury yields.
The downturn caused more trading and big withdrawals from Bitcoin and Ethereum ETFs, showing a change in investor mood. Along with Bitcoin and Ethereum, other altcoins like Solana (SOL) and XRP also lost value, highlighting the current uncertainty and volatility in the crypto market.
Also Read: XRP Bull Run Forecast: Is $10 Within Reach for Ripple?
