Why Is Crypto Up Today? – January 9, 2026

What Happened

Crypto Winners & Losers

Ethereum (ETH) fell by 0.8%, now changing hands at $3,089. This is the second-highest drop in this category.

Like yesterday, the biggest drop at the time of writing is recorded by Tron (TRX). It’s down 1% to $0.2931.

Market Context

The crypto market is up today, albeit barely, with the cryptocurrency market capitalisation rising by 0.3%, standing at $3.18 trillion. Currently, 63 of the top 100 coins have dropped over the past 24 hours. At the same time, the total crypto trading volume stands at $112 billion.

At the time of writing on Friday morning, 4 of the top 10 coins per market capitalisation have seen their prices decrease over the past 24 hours, while 4 have appreciated in the same time (not taking the stablecoins into account).

Bitcoin (BTC) is up by 0.3% since this time yesterday, currently trading at $90,247.

Of the red coins, Sky (SKY) fell the most. It is down 4.8% to $0.05761. Rain (RAIN) is next, having decreased by 3.6% to the price of $0.008503.

The Fed implemented three consecutive rate cuts in late 2025 totaling 75 basis points, with the benchmark rate going to a range of 3.5 to 3.75%. However, markets expect significantly fewer reductions in 2026.

Ahead of today’s US employment report, the first such major data release of the year, Fabian Dori, CIO at Sygnum, commented that “markets are starting the first full business week of the year with numerous key macro data to be published.”

Dori says that the NFP (nonfarm payrolls), unemployment and wage growth numbers are of special interest, as the US Federal Reserve “justified the latest rate cuts with a softening labor market.”

He continues: “Interpretation is unusually challenging, however, due to shifting labor-supply dynamics from immigration policy changes, potential AI-driven effects on labor demand, distortions from the recent government shutdown, and intermittent funding-market stress that has required the Fed to manage liquidity alongside its traditional inflation and employment mandate.”

While PMI (purchasing managers index) sub-indices “for new orders and service employment have recently improved, a material re-acceleration in hiring or wage growth would come as a surprise. Combined with recent softer-than-expected inflation data, solidly anchored inflation expectations, and ongoing debate about the level of the neutral rate under evolving Fed leadership, risks to the rate policy outlook may be skewed toward more easing than currently priced in. This would be particularly beneficial for higher beta risk assets, including technology, mid and small caps, as well as blue chip crypto assets.”

Moreover, Samer Hasn, Senior Market Analyst at XS.com, commented on the Bitcoin price, saying that it’s “barely holding above the 90,000 level.”

The pullback, Hasn says, came amid a steady drain of liquidity across the market, spanning onchain activity, spot ETFs, and the futures complex.

“The decline is not being driven by panic selling, but by hesitation,” the analyst argues. “Buyers appear reluctant to push prices higher, likely sensing that the current sentiment lacks the depth needed to sustain another extended rally.”

“With macro signals mixed and liquidity retreating across channels, restoring bullish conviction may prove difficult in the near term,” he concludes. “Until participation stabilizes and buyers regain confidence, bitcoin remains vulnerable to further pressure rather than poised for a clean rebound.”

Why It Matters

Onchain signals further highlight caution. The number of whale addresses saw a sharp single-day drop that brings the count close to its lowest level since January 2024. Spot ETFs flows turned negative again, and futures positioning adds another layer of pressure, along with macro data, Hasn says.

Details

On the other hand, Solana (SOL) appreciated the most, rising 2.9% to $138.

It’s followed by Binance Coin (BNB), having gone up 0.7% to $890.

Looking at the top 100 coins, two have recorded double-digit increases. Pol (POL) is up 12.5% to $0.1462, followed by Zcash (ZEC) with 11.2% to $436.

Meanwhile, the US Treasury Secretary Scott Bessent urged the Federal Reserve to accelerate interest rate cuts, despite the latest strong job report.

‘Data Incoming’

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