Business and Entrepreneurship
Crypto Market Faces Volatility Amid Macroeconomic Shifts
January 8, 2025 at 5:17 AM
The crypto market saw significant turbulence this week as the cryptocurrency market cap fell by 6%, with Bitcoin and Ethereum leading the decline. Shiba Inu, a popular token, also faced sharp sell-offs amid macroeconomic concerns like rising Treasury yields and strong US jobs data. Backpack acquired FTX EU for $32.7 million, gaining access to a European MiFID II license to offer perpetual futures trading. Meanwhile, investors remain cautious as cryptocurrency prices react to Federal Reserve policy updates and inflation indicators. Shiba Inu enthusiasts are also eyeing the rollout of SHIB: The Metaverse, which could impact engagement and token performance.