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Bitcoin dips below $93,000 as market jitters accelerate sell-off

Bitcoin dips below $93,000 as market jitters accelerate sell-off

Web Desk
Jan 09, 2025

WEB DESK: Bitcoin opened in the red on Thursday, continuing its decline after closing Wednesday at $95,098.26. Within the first 15 minutes of trading, Bitcoin slipped below the $95,000 mark, reaching $94,995.80 by 00:15 UTC.

The cryptocurrency experienced fluctuations during the early trading hours, temporarily rising to a day high of $95,331.75 around 01:25, an increase of $233.49 from its previous close.

However, the upward movement was short-lived, and by 02:10 UTC, Bitcoin dropped to $94,075.91.

By 04:06 UTC, the decline worsened, and Bitcoin dropped to $94,026.53, down $1,071.73 from its previous close. Ten minutes later, by 04:16 UTC, Bitcoin slipped to $93,859.53, still $215.17 above its day low of $93,644.36, recorded around 02:12 UTC.

Around 8:34 UTC, Bitcoin fell by $2,218.28, dropping to $92,879.98.

Bitcoin erased its early-2025 gains on Wednesday, as macroeconomic concerns and a global bond sell-off intensified the sell-off in crypto prices.

Earlier, BTC hit a session low of $92,600 during US trading hours, losing nearly 10 per cent over two days from its Monday peak of over $102,000. It has since recovered some losses, recently trading at $94,300, but remains down 2.5 per cent over the past 24 hours.

Other cryptocurrencies also faced declines. Cardano’s ADA, Render’s RNDR, and Aptos’ APT led losses in the broad-market benchmark CoinDesk 20 Index, which slipped more than 3 per cent over the same period.

The sharp two-day plunge wiped out nearly $1 billion in leveraged derivatives positions across crypto assets, particularly those betting on higher prices, according to CoinGlass data. BTC briefly dropped below its Jan. 1 opening price but is now up 1 per cent from the start of the year.

Crypto-related stocks were not immune to the downturn. Bitcoin miners, including TeraWulf (WULF), Bit Digital (BTBT), Bitdeer (BTDR), IREN (IREN), and Hut 8 (HUT), saw declines of 5 per cent to 8 per cent.