Emerging markets fall, BTC drops to 92K, Silk Road selling pressure raises concerns

Yesterday was the state funeral of former US President Jimmy Carter, and the US stock market was closed for the day. However, the emerging market stock index entered a retracement zone on Thursday (1/9), the result of months of uncertainty in US policy and China's growth prospects leading to a big dump. BTC led the decline, with 370 million USD liquidated in the crypto market in 24 hours. There are reports that the US government has approved the liquidation of about 69,000 BTC confiscated from the 'Silk Road', causing concern in the market.

Most emerging markets are falling

According to Bloomberg, the MSCI Emerging Markets Index fell 0.4%, down 10% since its high on October 2. Samsung Electronics and TSMC led the decline as the Biden administration plans to expand semiconductor trade restrictions to most parts of the world.

The Chinese government's economic stimulus plan fell short of investors' expectations, leading to a sharp decline in the index. Data released by China shows that the economy is under pressure from slowing growth and four consecutive months of inflation. Disappointment with China's stimulus measures and the sluggish start to the Chinese stock market this year have dampened market sentiment. Chinese technology stocks are at risk of posting their largest weekly decline in seven weeks.

Brazil and South Korea stocks also dragged down MSCI index. These assets were affected by Brazil's fiscal concerns and the impeachment and arrest of South Korean President Yoon Suk-yet.

Ahead of Trump's inauguration on January 20, traders became more cautious, and the prospect of his tariff plan also caused severe market volatility earlier this week.

The market is focusing on today's (1/10) upcoming non-farm payroll report to further assess the strength of the US job market.

BTC leads the decline, $370 million Get Liquidated across the network in 24 hours.

It is reported that the US government has been approved to liquidate about 69,000 BTC (currently worth $6.5 billion) confiscated from the 'Silk Road'. If the sale begins, it may bring some price fluctuations to the BTC market in the short term, and trigger concerns about policies and market confidence.

(Source: The US government has been authorized to sell nearly 70,000 BTC confiscated from the 'Silk Road')

BTC continues to be under pressure. Although it attempted to return above 94K yesterday, it ultimately succumbed to the bearish pressure of market uncertainty, with a final report of 92,499 US dollars before the deadline, a 2.6% drop in 24 hours.

The top ten cryptocurrencies by market cap have all fallen. According to Coinglass, $370 million in positions were liquidated within 24 hours, with $95.13 million in BTC and $67.76 million in Ether being the major ones.

This article, the emerging market is falling, BTC drops to 92K, the selling pressure of the Silk Road raises concerns first appeared on Chain News ABMedia.