#Bitcoin breaks $96,000#
Hot Topic Overview
Overview
Bitcoin prices surged over 3% on Tuesday, breaking through the $96,000 mark, driven by a lower-than-expected Producer Price Index (PPI) reading in the US and the potential for a pro-crypto executive order from Trump. Dogecoin and Ripple led the altcoin rally, gaining 6% and 7% respectively. Despite the gains, the market remains focused on Wednesday's Consumer Price Index (CPI) report, which could influence the Fed's policy direction for the year. Additionally, Trump's inauguration could also impact the market, as there is anticipation for his support for cryptocurrencies.
Ace Hot Topic Analysis
Analysis
Bitcoin surged past $96,000, driven by a rebound in the cryptocurrency market from Monday's plunge and a lower-than-expected Producer Price Index (PPI) reading in the US. Nonetheless, Bitcoin is still consolidating above the $90,000 level as surging bond yields and the dollar rattled global markets. Market participants have reduced their expectations of US rate cuts this year, and Wednesday's Consumer Price Index (CPI) report could inject another wave of volatility into the market and provide traders with further clues on the Federal Reserve's policy path this year. Additionally, Trump's inauguration on January 20 may also affect the market as people are increasingly expecting pro-cryptocurrency actions from the new president. However, K33 Research believes that the incentive to sell BTC on the inauguration is much lower unless there is a substantial momentum recovery over the next six days. Overall, the future trajectory of Bitcoin will depend on the impact of the CPI report and Trump's inauguration, as well as the market's expectations for the Federal Reserve's policy.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Bitcoin broke through $96,000, supported by US Producer Price Index (PPI) data coming in below expectations, and fueled by expectations that Donald Trump may support the cryptocurrency industry.
Traders are watching the latest US inflation data, especially the Consumer Price Index (CPI) report released on Wednesday, for clues on the Federal Reserve's policy direction this year.
Dogecoin (DOGE) and Ripple (XRP) led gains among major altcoins, rising 6%-7% and outperforming the broader crypto market.
Despite recent market volatility, some analysts remain bullish on the long-term impact of Trump on cryptocurrencies.