Bitcoin price fell after US macroeconomic data for US jobs and ISM Services PMI came in strong indicating no rate cut by US Federal Reserve.
The number of job openings increased by 259,000 to 8.098 million in November 2024, from an upwardly revised 7.839 million in October and above market expectations of 7.70 million.
The ISM Services PMI, the monthly index that measures and signals growth or contraction in the U.S. service sector (which represents nearly 80% of US economic activity), rose to 54.1 from 52.1 in November, and above market expectation of 53.3.
This cause the US Dollar Indexto gain ground, typically causing investors to shift away from "riskier" assets such as crypto.
Total crypto liquidations came at $693.5 million over the past 24 hours. Over 90% were long positions liquidations, and just under 40% were BTC and ETH trades.
According to CoinShares Research, 2024 marked a record $44.2bn of Digital Asset Fund inflows globally, almost 4x the prior record set in 2021 which saw $10.5bn inflows.
Digital asset investment products saw $585m of inflows for the first 3 days of this year, but recorded a net weekly outflow of $75m, which includes 2 trading days from 2024.
Portugal’s Banco de Investimento Global (BiG) has suspended fiat transactions to cryptocurrency platforms, signaling increasing regulatory scrutiny on digital assets in the country, citing compliance with guidelines published by the European Central Bank (ECB), the European Banking Authority (EBA), and the Bank of Portugal about risks associated with offering digital assets.
The Backpack Exchange, a fully regulated global cryptocurrency exchange, has acquired FTX EU (formerly the European arm of FTX) and its MiFID II-license license to offer crypto derivatives across the EU and is planning a first-quarter launch.
On January 6, 2025, Binance’s Netflow metrics recorded a value of -5,407 BTC, while the 14-day Simple Moving Average (SMA14) for Netflow stood at -483 BTC. This indicates that more Bitcoin is leaving the exchange than entering it, a behavior commonly associated with investor accumulation.
