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Crypto market takes a hit today – here’s what’s driving the drop

The crypto market is experiencing significant losses, with Bitcoin trading at 98,543 USD. The bearish trend is primarily driven by macroeconomic factors, including losses in the U.S. Stock market with NASDAQ and S&P 500 declining. This trend has led to increased panic among traders.

Looking ahead, the FOMC meeting on January 29, 2025, could determine interest rate decisions that affect financial volatility. Reports from major tech companies like Tesla and Apple could further influence cryptocurrency prices, creating uncertainty in the market.

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