Market Turmoil: Bitcoin Holds Above $93K Amid $300B Crypto Wipeout

The cryptocurrency market has experienced a significant downturn, with over $300 billion in value wiped out since January 6, bringing the total market capitalization below $3.2 trillion. Bitcoin is currently hovering above $93,000, having made a series of higher lows since December 30. Unconfirmed reports suggest that the US government may liquidate up to 69,370 BTC, valued at $6.5 billion, seized from the Silk Road. This development adds to the bearish sentiment, amidst an already intriguing political landscape with the incoming US administration. The high DXY index and rising US treasury yields have contributed to the market downturn. Inflation concerns and growth expectations are also on the rise, according to LondonCryptoClub. The UK is experiencing turmoil, with gilt yields reaching record highs and the British pound falling to its lowest level since November 2023. The stock market will be closed today due to a national day of mourning, shifting focus to the upcoming jobs report on Friday. A strong jobs report could lead to further pressure on risk assets. Meanwhile, a parody token, LLM, has emerged, mocking the concept of AI-powered investment platforms, with its value driven by speculation and community engagement.