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Phemex Crypto Market Daily: Crypto Market Slides as BTC, ETH Drop; US Macro Data and Regulation in Focus (Jan 10)
Key Takeaways:
1. Macro Environment The Federal Reserve is widely expected to hold rates steady after weak US jobs data, dampening immediate rate cut hopes. The US dollar has strengthened amid slower job growth and anticipation of a Supreme Court tariff ruling, increasing crypto market volatility. Regulatory focus intensifies as the US Senate prepares to review the CLARITY Act, aiming to clarify digital asset rules and boost institutional confidence. 2. Crypto Market The crypto market saw broad declines over the past 24 hours, with Bitcoin down 4.43% to $97,474 and Ethereum falling 9.27% to $3,144.86, pressured by weak risk sentiment and ETF outflows. Altcoins also dropped, with Stacks down 10.96%, POL down 7.48%, and XRP down 8.61%. MORPHO outperformed, limiting losses to 1.51%, supported by DeFi integration news. 3. Today's Outlook Today, US Initial Jobless Claims and key manufacturing indexes will be released, potentially impacting market sentiment and volatility. Traders should monitor macro data closely, as these indicators may influence short-term crypto price action and risk appetite.
