The crypto market continued its decline on Jan. 8. Bitcoin and altcoins fell as investors awaited the U.S. non-farm payrolls (NFP) report, which could influence Federal Reserve decisions.
Bitcoin dropped from $94,500 to $89,344, while Ethereum fell below $3,057. Overall crypto market capitalization fell 1.2% to $3.17 trillion, with daily volume dropping 17% to $113 billion.
Futures open interest declined 1% to $139 billion, signaling reduced leverage. Liquidations rose above $477 million, hitting Bitcoin and Ethereum bulls the hardest.
Investors are watching the NFP closely. Economists expect 55,000 jobs added in December and unemployment at 4.5%, down from 4.6%. A weaker report could boost crypto by raising the odds of Fed rate cuts.
ETF outflows added pressure. Spot Bitcoin ETFs lost over $486 million, Ethereum ETFs shed $98 million, and XRP ETFs dropped $40 million—the first outflow since their November launch.
Technical outlook remains cautiously bullish. Bitcoin is forming an ascending triangle with resistance near $94,516, suggesting a potential rebound. If BTC recovers, altcoins could follow in the coming months.
