Crypto prices crash on Jan 8: BTC slips below $97k, ETH down 9%

The cryptocurrency market experienced a sharp downturn on Wednesday, with Bitcoin (BTC) falling below the $97K mark, down from $102K.

The global crypto market fell by about 6%, now standing at $3.37 trillion.

The total crypto market volume over the last 24 hours has surged to $169.2 billion, reflecting a 31.72% increase.

The cryptocurrency market decline comes as a report showed stronger-than-expected growth in the US services sector.

However, a sharp increase in the Prices Index raised concerns about potential inflationary pressures, further dampening investor sentiment.

The benchmark Treasury yield surged to 4.69%, marking its highest level since late April.

This increase in Treasury yields likely contributed to the heightened market volatility and the broader downturn in risk assets like cryptocurrencies and equities.

Bitcoin (BTC) price today

Bitcoin (BTC) price today slipped a sharp 5%, trading at $96,420.12.

On the other hand, trading volumes were up over 20% at around $61 billion.

In the last 24 hours, the coin made a low of 96,123 and a high of $102,022.56.

Bitcoin ETFs saw an outflow of $543 million, with significant sales from Ark & 21Shares, Grayscale, and Bitwise.

Ethereum (ETH) price today

Ethereum (ETH) experienced a close to 9% drop, trading at $3,357.71.

Trading volumes surged up over 54% to $34.78 billion

Ethereum ETFs saw an outflow of $86 million, with Fidelity responsible for $67 million of the sales.

SOL and XRP prices today

Solana (SOL) also saw an over 8% decline, with its price at $197, ranging between $198 and $217.

Volumes for the coin were up over 50% at around $5 billion.

Sol Strategies in Toronto announced a CAD $25 million investment in Solana’s blockchain ecosystem.

XRP was down by about 4%, trading at $2.31.

XRP price traded between the range of $2.27 and $2.46 in the last 24 hours.

Top crypto gainers today

Bitget Token (BGB) was the sole gainer on Wednesday.

The coin was the only coin in the top 100 to show an increase, rising by 4%, trading at $6.53.

Top crypto losers today

Celestia (TIA) was the worst performer, down by over 14%, trading at $4.69.

Movement (Move) was the second worst performing, registering a close 14% drop in the last 24 hours. The coin currently trades at around $0.94.

dYdX (DYDX) saw an over 13% drop, trading at $1.40.

Broader crypto market price action

Dogecoin (DOGE) is currently trading at $0.35, down 10.67% in the last 24 hours.

Ethereum Classic (ETC) is currently trading at $25.54, down 10.24% in the last 24 hours.

Filecoin (FIL) is currently trading at $5.29, down 10.85% in the last 24 hours.

Ethena (ENA) is currently trading at $1.01, down 12.74% in the last 24 hours.

Fantom (FTM) is currently trading at $0.6736, down 13.22% in the last 24 hours.

dogwifhat (WIF) is currently trading at $1.86, down 9.79% in the last 24 hours.

FLOKI (FLOKI) is currently trading at $0.0001731, down 13.08% in the last 24 hours.

Flare (FLR) is currently trading at $0.02477, down 7.45% in the last 24 hours.

Gala (GALA) is currently trading at $0.03634, down 13.36% in the last 24 hours.

EOS (EOS) is currently trading at $0.8064, down 11.08% in the last 24 hours.

FTX Token (FTT) is currently trading at $2.84, down 17.37% in the last 24 hours.

Gnosis (GNO) is priced at $256.89, experiencing an 8.82% decrease over the past day.

Enjin Coin (ENJ) is currently valued at $0.2164, with a 11.97% drop in the last 24 hours.

Golem (GLM) is trading at $0.3688, showing a 11.94% decline in the last 24-hour period.

GMX (GMX) is currently priced at $25.17, with a 11.97% decrease in the last 24 hours.

Electroneum (ETN) is trading at $0.003507, showing a 5.03% increase over the past 24 hours.

Elastos (ELA) is currently priced at $2.48, with a 10.07% decrease in the last 24 hours.

Energy Web Token (EWT) is currently valued at $1.39, with a 2.95% decrease in the last 24 hours.

Handshake (HNS) is currently trading at $0.0113, showing a 9.01% decline in the last 24-hour period.

Divi (DIVI) is trading at $0.001473, with a slight 0.30% decrease over the past 24 hours.