Bitcoin's price has been under pressure today as investors react to a combination of macroeconomic factors and market sentiment. The stronger-than-expected U.S. jobs report released last Friday has led to a reassessment of Federal Reserve rate cut expectations, with major banks like Goldman Sachs and Bank of America adjusting their forecasts. This has resulted in a spike in bond yields and a stronger U.S. dollar, both of which have contributed to a sell-off in risk assets, including cryptocurrencies. "The start of the new year has not been easy for the crypto market," noted Alex Kuptsikevich, chief market analyst at FxPro, highlighting the challenges faced by Bitcoin and other digital assets.
Additionally, concerns about President-elect Donald Trump's tariff plans have added to the uncertainty, further pressuring Bitcoin and other cryptocurrencies. The market's optimism at the beginning of 2025, driven by expectations of a pro-crypto Congress and White House, has been overshadowed by these macroeconomic headwinds. Investors are now bracing for a potentially turbulent first quarter, as the crypto market grapples with these challenges.
Bitcoin's price has fallen by 2.49% today, trading at $92,135.06, after reaching a high of $95,761.76 and a low of $89,941.06.