#Bitcoin breaks through $96,000#
Hot Topic Overview
Overview
Bitcoin price surged past $96,000 on Tuesday, gaining over 3%, after US producer price index (PPI) data came in lower than expected, boosting market sentiment. Dogecoin and Ripple led the gains among altcoins, rising 6%-7% respectively. Traders are now looking ahead to the release of the Consumer Price Index (CPI) report on Wednesday, which could have a significant impact on the market and provide traders with further clues on the Fed's policy path this year. In addition, Donald Trump's inauguration could also impact the market, as people are expecting actions from him that support cryptocurrencies. Nonetheless, K33 Research believes that the appeal of selling Bitcoin on Inauguration Day has been diminished due to recent selloffs in equities and digital assets.
Ace Hot Topic Analysis
Analysis
Bitcoin surged past $96,000, fueled by strong performances from Dogecoin and XRP, and a decline in inflation expectations following a lower-than-expected US Producer Price Index (PPI) report. Nevertheless, traders are keeping an eye on Wednesday's Consumer Price Index (CPI) report, which could have a significant impact on markets. Additionally, President Trump's inauguration could also influence markets, with widespread expectations that he will support the cryptocurrency industry. While K33 Research previously predicted the inauguration as a potential buying opportunity, recent selloffs in stocks and digital assets have shifted their view, making the allure of selling Bitcoin at the inauguration less compelling. Overall, Bitcoin is currently consolidating above $90,000, and future direction remains dependent on the impact of inflation data and Trump's policies.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Bitcoin broke through $96,000, supported by lower-than-expected US Producer Price Index (PPI) readings and fueled by expectations that Donald Trump may support the cryptocurrency industry.
Traders are watching US inflation data, especially the Consumer Price Index (CPI) report released on Wednesday, which could influence the Federal Reserve's policy direction this year.
Dogecoin (DOGE) and Ripple (XRP) led the gains among major altcoins, rising by 6%-7%.
Despite recent market volatility, some analysts have a long-term bullish outlook on Trump's impact on cryptocurrencies.