Bitcoin's price movement today has been largely influenced by the release of stronger-than-expected U.S. employment data. The December jobs report revealed that the U.S. economy added 256,000 jobs, significantly surpassing the forecast of 160,000. This robust job growth has led to a surge in U.S. treasury yields and a decline in risk assets, including Bitcoin. The data has cast doubt on the likelihood of further interest rate cuts by the Federal Reserve in 2025, which is typically unfavorable for risk assets like Bitcoin. As a result, Bitcoin experienced a sharp decline, falling more than 2% immediately after the report.
Additionally, the market is reacting to the U.S. Department of Justice's (DOJ) authorization to sell 69,370 Bitcoin seized from the Silk Road marketplace. This potential $6.4 billion sale has raised concerns about increased supply and its impact on Bitcoin's price dynamics. Historically, large-scale liquidations by the U.S. government have led to short-term price corrections. The announcement has added to the bearish sentiment, contributing to Bitcoin's recent price decline from its all-time high of over $108,000 in December 2024.
Currently, Bitcoin is trading at $92,502.27, reflecting a slight decrease of 0.03% today. The cryptocurrency reached a high of $95,227.56 earlier in the day but has since retreated to its current level.