Bitcoin drops below $95K ahead of key economic data; Polkadot, Tron slide over 16%

economictimes.indiatimes.com:

Bitcoin prices slid sharply to $94,355 on Tuesday, down from last week's all-time high of $103,900, as markets brace for U.S. inflation data.

U.S. CPI data, due on Wednesday, will influence the Federal Reserve's rate trajectory. The odds of a 25 basis point rate cut at the Fed's policy meeting on December 18 is at 86%, according to CME FedWatch.

As of 10:50 am IST, Bitcoin was down 2.7%, trading at $96,684, while Ethereum fell 6.3% to $3,692. During the session, BTC reached a high of $1,00,432 and a low of $94,355.

Crypto markets endured a slow but steady decline over the weekend, which intensified during U.S. evening hours on Monday, leaving the sector deep in the red. Bitcoin plunged to $94K, dragging altcoins down with it, as bearish momentum gained steam. According to CoinGlass, over $750 million in leveraged derivatives positions were wiped out in the past 24 hours, with most liquidations being bullish bets—a clear signal of overly optimistic sentiment getting punished, said CoinSwitch Markets Desk.

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Avinash Shekhar,