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

Yesterday was the state funeral for former US President Jimmy Carter, and the US stock market was closed for one day. However, emerging market stock indices entered a correction zone on Thursday (1/9), which is the result of the uncertainty of US policies and China's growth prospects causing a plunge over the past few months. BTC led the decline, with the crypto market seeing $370 million in liquidations across the network in 24 hours. It is reported that the US government has been authorized to liquidate about 69,000 BTC confiscated from the 'Silk Road', which has caused market concerns.

Most emerging markets declined

According to Bloomberg report, the MSCI Emerging Markets Index fell 0.4%, down 10% from the October 2 high. Due to the Biden administration's plan to expand semiconductor trade restrictions to most parts of the world, Samsung Electronics and TSMC led the decline.

China's economic stimulus plan failed to meet investor expectations, also driving a sharp decline in the index. Data released by China showed the economy has slipped into a low-speed, with inflation slowing for the fourth consecutive month. Disappointment with China's stimulus measures and the poor start to the Chinese stock market this year have dampened market sentiment. Chinese tech stocks have the potential to record the largest weekly decline in seven weeks.

(The poor start of the Chinese stock market, fund companies can only "buy more" and become cannon fodder)

Stocks in Brazil and South Korea also dragged down the MSCI index. These assets were weighed down by Brazil's fiscal concerns and the impeachment and arrest of South Korean President Yoon Seok-yeol.

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

The market is focused on the upcoming non-farm payroll report on 1/10 to further assess the strength of the US job market.

BTC led the decline, with $370 million in liquidations across the network in 24 hours

It is reported that the US government has been authorized to liquidate about 69,000 BTC (currently worth $6.5 billion) confiscated from the 'Silk Road'. If the sale begins, it may cause certain price volatility in the BTC market in the short term and raise concerns about policy and market confidence.

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

BTC continues to be under pressure, and although it tried to return above $94K yesterday, it ultimately failed to withstand the pessimistic pressure of market uncertainty, closing at $92,499 before the deadline, a 24-hour decline of 2.6%.

The top 10 market cap cryptocurrencies all declined, and according to Coinglass data, $370 million in positions were liquidated in 24 hours, with BTC's $95.13 million and ETH's $67.76 million being the largest.