The cryptocurrency market faced significant losses today, with Bitcoin and Ethereum experiencing sharp declines.
Bitcoin’s price dropped below the $100,000 threshold, settling at $97,124, while Ethereum fell by 6.75%. These moves contributed to over $389 million in liquidations across the market, signaling heightened volatility.
The crypto market took a hit today with Bitcoin dipping below $100K and Ethereum falling sharply. 📉💸
Bitcoin price dropped to $97,124.
Ethereum lost 6.75% of its value.
Over $389 million in liquidations.— Bitcoin.com News (@BTCTN) January 7, 2025
Bitcoin Dips Below $100K
Bitcoin, which has been showing strength in recent weeks, fell to $97,124 during today’s trading session. This marks a notable shift from its previous momentum, with investors now eyeing key support levels to determine the next potential move.
Ethereum Faces Steep Decline
Ethereum also suffered a significant downturn, losing 6.75% of its value. Just before the plunge, WisdomTree transferred 11,733 ETH, valued at $42.61 million, to Coinbase. This sizable deposit has raised questions about its timing and potential market impact.
WisdomTree deposited 11,733 $ETH($42.61M) to #Coinbase just before the market plunge.https://t.co/AOiTmD1eyy pic.twitter.com/xpkfR217B2
— Lookonchain (@lookonchain) January 7, 2025
Spot ETFs Show Strong Inflows
Despite today’s downturn, Ethereum spot ETFs recorded notable inflows on January 6. A total of $129 million flowed into Ethereum spot ETFs, with BlackRock’s ETHA ETF alone contributing $124 million in a single day. The current total net asset value of Ethereum spot ETFs now stands at $13.466 billion, reflecting continued institutional interest despite short-term market fluctuations.
Ethereum spot ETF had a total net inflow of $129 million on January 6, and BlackRock ETF ETHA had a single-day net inflow of $124 million. The current total net asset value of Ethereum spot ETF is $13.466 billion. https://t.co/Tvs2oCSxTg pic.twitter.com/crX2UICz7M
— Wu Blockchain (@WuBlockchain) January 7, 2025
Liquidations Add to Market Woes
The market pullback has resulted in widespread liquidations, totaling $389 million across various assets. The sharp price corrections in Bitcoin and Ethereum have contributed significantly to this figure, underscoring the heightened risk environment.
Conclusion
The cryptocurrency market’s sudden drop highlights the volatile nature of the space. While Bitcoin and Ethereum face near-term challenges, strong institutional inflows into Ethereum spot ETFs suggest that confidence in the long-term potential of these assets remains intact. Investors will be closely watching key support levels for signs of recovery.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.
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Source: https://nulltx.com/crypto-market-sees-major-pullback-as-bitcoin-and-ethereum-slide/