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Why is the crypto market down today?
The crypto market is experiencing a downturn today, with the total market capitalization dropping by 0.63% to $1.67 trillion as of Jan. 18. Bitcoin's market dominance has slightly increased to 48.85%, indicating a cooling off from the recent excitement surrounding spot ETFs.
The U.S. Dollar Index has shown remarkable strength, climbing from 101 in early January to 103.50 by Jan. 18. This surge is supported by robust U.S. economic data, including higher-than-expected retail sales growth in December 2023 and rising U.S. Treasury yields.
