Bitcoin and cryptocurrency prices dropped on Wednesday after economic data showed a strong November jobs report, beating forecasts. The Institute for Supply Management gauge of US service sector activity rose to 54.1, topping estimates. This news led to the 10-year Treasury yield reaching its highest level since April.
In contrast, H.C. Wainwright raised its 2025 Bitcoin price target to $225,000 from $145,000, citing a “significant bull market” in 2024. The firm’s analysis is based on President-elect Donald Trump’s pro-cryptocurrency policy views.
Bitcoin rebounded significantly in 2023, rising about 157%, and soared about 119% in 2024. Ethereum also saw significant gains, with its price increasing by about 46% in 2024.
However, investors should be cautious due to the high volatility of cryptocurrency investments. It’s essential to learn when to sell, cut losses, or capture profits to minimize risks. Cryptocurrencies have not acted as effective hedges against inflation and tend to follow broader market trends.
Source: https://www.investors.com/news/cryptocurrency-prices-news