The cryptocurrency market has seen a significant downturn, losing over $300 billion in market capitalization since January 6, bringing the total value under $3.2 trillion. Bitcoin, the leading cryptocurrency, is now trading just above $93,000, after a series of higher lows since December 30. The market’s bearish mood is further fueled by unconfirmed reports of the U.S. government potentially liquidating 69,370 BTC from the Silk Road seizure, valued at $6.5 billion. Meanwhile, the U.S. Dollar Index (DXY) has soared above 109, and U.S. treasury yields briefly hit 4.73% before retreating. Across the Atlantic, the U.K. faces its own financial turmoil with gilt yields reaching record highs, the 30-year yield at 5.45% and the 10-year at 4.95%, prompting government intervention. The British pound has weakened to 1.22 against the dollar, its lowest since November 2023. Amidst this, a parody token, $LLM, has emerged, mocking AI investment platforms like ai16z, reaching a $130 million market cap.
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