Cryptocurrency prices took a hit on Monday as a result of poor U.S. macroeconomic data and widespread profit-taking in the market. Bitcoin (BTC) fell by 1.8% in the past 24 hours to $91,800, a price not seen since December 5th when it first broke through the $100,000 milestone. The largest cryptocurrency has now dropped more than 14% from its December 17th record of $108,278.
Ether (ETH) experienced a smaller decline, dropping by 0.7% to $3,320. However, it is still 17% below its December highs and has yet to surpass its record of $4,820 set in 2021. Solana (SOL) has shown more resilience compared to bitcoin, with the SOL/BTC ratio up by 0.35% today.
The CoinDesk 20, which tracks the top 20 cryptocurrencies by market capitalization, excluding stablecoins, memecoins, and exchange coins, also saw a decline of 3.74%. Ripple (XRP) and Stellar (XRM) took the biggest hits, falling by 6% and 6.3% respectively. Litecoin (LTC) was the most resilient coin besides ether, with a 1.9% decrease.
Stocks of crypto-related companies were also impacted by the market downturn. MicroStrategy (MSTR) and Coinbase (COIN) saw declines of 7% and 5.3% respectively, while major bitcoin mining firms like MARA Holdings (MARA) and Riot Platforms (RIOT) dropped by more than 7%.
The sell-off was driven in part by investors cashing out after bitcoin’s significant rally of more than 117% this year. Profit-taking has exceeded $1.2 billion on a seven-day moving average, although it is lower than the peak of $4.0 billion seen on December 11th. Long-term bitcoin holders are taking the lion’s share of profits.
In addition to profit-taking, macroeconomic factors are also impacting the market. The U.S. Chicago Purchasing Managers Index (PMI) recorded its lowest reading since May, indicating a slowdown in economic activity. Uncertainty surrounding the Federal Reserve’s interest rate policy for 2025, as well as the upcoming inauguration of President-elect Donald Trump on January 20th, are contributing to market jitters. The S&P 500, Nasdaq, and Dow Jones indices are all down by more than 1%.
Looking ahead, Joe Carlasare, a partner at Amundsen Davis, expressed optimism about the cryptocurrency market in 2025 but cautioned that the path forward may diverge from consensus. He noted that bitcoin’s adoption continues to grow and predicted that it would perform well if the U.S. economy avoids a significant slowdown, albeit with some turbulence along the way. Title: The Impact of Social Media on Mental Health
In today’s digital age, social media has become an integral part of our daily lives. From scrolling through Instagram feeds to tweeting our thoughts on Twitter, social media platforms have revolutionized the way we communicate and connect with others. However, while social media has many benefits, it also has a dark side that can negatively impact our mental health.
One of the most significant ways in which social media affects our mental health is through the constant comparison it encourages. When we scroll through our friends’ perfectly curated feeds, it’s easy to fall into the trap of comparing our lives to theirs. This can lead to feelings of inadequacy, jealousy, and low self-esteem, as we constantly feel like we’re not measuring up to the idealized versions of ourselves that we see online.
Moreover, social media can also exacerbate feelings of isolation and loneliness. While it may seem like we’re more connected than ever before, studies have shown that excessive social media use can actually make us feel more isolated and disconnected from real-life interactions. This is because social media interactions lack the depth and authenticity of face-to-face communication, leading to feelings of emptiness and dissatisfaction.
Another concerning aspect of social media is its potential to fuel anxiety and depression. The constant barrage of information and notifications can be overwhelming, leading to heightened levels of stress and anxiety. Additionally, the pressure to present a perfect image online can contribute to feelings of depression and self-doubt, as we strive to live up to unrealistic standards set by social media influencers and celebrities.
In addition to these psychological impacts, social media can also have tangible effects on our physical health. Excessive screen time has been linked to poor sleep quality, eye strain, and headaches, all of which can further exacerbate mental health issues. Moreover, the sedentary nature of social media use can contribute to a lack of physical activity, which is crucial for maintaining overall well-being.
So, what can we do to mitigate the negative effects of social media on our mental health? One important step is to set boundaries for our social media use. This may include limiting the amount of time we spend on social media each day, as well as taking regular breaks from screens to engage in other activities that promote mental well-being, such as exercise, mindfulness, and spending time with loved ones.
Additionally, it’s important to cultivate a healthy relationship with social media by being mindful of the content we consume and the way it makes us feel. Unfollow accounts that make you feel inadequate or trigger negative emotions, and instead follow accounts that promote positivity, authenticity, and self-care. Remember that social media is a curated version of reality, and it’s important to prioritize real-life connections and experiences over online validation.
In conclusion, while social media has many benefits, it’s essential to be aware of its potential impact on our mental health. By setting boundaries, cultivating a healthy relationship with social media, and prioritizing real-life connections, we can mitigate the negative effects and maintain our mental well-being in the digital age.