#Bitcoin Breaks $96,000#
Hot Topic Overview
Overview
Bitcoin prices surged past $96,000 on Tuesday, gaining more than 3% amid a confluence of factors, including a weaker-than-expected U.S. producer price index (PPI) report and speculation that President-elect Donald Trump might issue an executive order favorable to cryptocurrencies. Dogecoin and Ripple outpaced Bitcoin, with gains of 6% and 7%, respectively. However, the market remains wary of the upcoming consumer price index (CPI) report, which could have implications for the Federal Reserve's policy stance. Furthermore, Trump's inauguration could also influence the market, with investors anticipating pro-cryptocurrency moves from the incoming administration. Despite this, K33 Research argues that unless there's a substantial resurgence in momentum in the coming days, the incentive to sell Bitcoin around the inauguration will be considerably smaller.
Ace Hot Topic Analysis
Analysis
Bitcoin surged past $96,000, fueled by strong gains in Dogecoin and XRP, along with market expectations for US inflation data and the Trump inauguration. While Bitcoin recently dipped below $90,000, news of a potential Trump executive order supporting the crypto industry, coupled with the US Producer Price Index (PPI) reading coming in below expectations, propelled the price upward. The market is now focused on Wednesday’s Consumer Price Index (CPI) report, which could impact the Fed’s policy direction this year. Additionally, the Trump inauguration could also influence the market as investors await his crypto-friendly actions. While K33 Research previously predicted the inauguration as a potential buying opportunity, recent stock and digital asset selloffs have shifted their stance, making selling Bitcoin at the inauguration less appealing. Overall, the market remains divided about Bitcoin’s short-term trajectory, but long-term sentiment leans bullish on Trump’s impact on Bitcoin.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Bitcoin breaks through $96,000, supported by lower-than-expected US Producer Price Index (PPI) data, traders focus on latest US inflation data.
Dogecoin and Ripple lead the gainers in altcoins, rising 6%-7%, the market expects Trump's inauguration to be beneficial to the cryptocurrency industry.
Bitcoin is consolidating above $90,000, but recently surging bond yields and the dollar have shaken global markets, market participants have lowered their expectations for US rate cuts this year.
The Consumer Price Index (CPI) report released on Wednesday is likely to inject another wave of volatility into the market and provide traders with further clues on the Fed's policy direction this year.