US stock markets were closed on Thursday in memory of former President Jimmy Carter, but crypto is 24/7 and bearing the brunt of any jitters ahead of tomorrow’s December jobs report.
In afternoon action, the price of bitcoin (BTC) returned to levels not seen in more than a month, barely above $91,000 and down about 3% in the past 24 hours.
The wider CoinDesk Index 20 Similar declines, but notable underperformers include solana (SOL) and chainlink (LINK), both down by double-digit percentage amounts.
The ongoing selloff in crypto follows a major fourth quarter 2024 rally fueled by the victory of Donald Trump in November and the prospect of a friendlier regulatory environment out of Washington DC
Another leg on the stool propping crypto is easier monetary policy, the US Federal Reserve has cut its overnight interest rate by 100 basis points since September. That leg, however, was cut after a series of economic reports showed that the economy and inflation were stronger than markets and the central bank expected. That, in turn, has sent yields on long-term interest rates higher by more than 100 basis points since the Fed began cutting short-term rates.
Today’s selling comes ahead of Friday morning’s December jobs report. Another in a long string of strong economic data could have markets not only scrapping the idea of any rate cuts in 2025, but perhaps starting to price in the need for rate hikes in the coming month
