#Bitcoin breaks through $96,000#
Hot Topic Overview
Overview
Bitcoin surged past $96,000 on Tuesday, reaching as high as $97,300, fueled by traders’ focus on US inflation data and anticipation of a potential pro-crypto executive order from Donald Trump. Despite recent volatility caused by rising bond yields and a stronger dollar, Bitcoin remained above the $90,000 mark. Dogecoin and Ripple led the gains among altcoins, rising 6%-7%, respectively. The market expects the Consumer Price Index (CPI) report due out on Wednesday to further impact the market and provide traders with more clues about the Fed's policy trajectory this year. Additionally, Trump’s inauguration could also influence the market as people anticipate him taking actions in support of cryptocurrencies.
Ace Hot Topic Analysis
Analysis
Bitcoin surged past $96,000, fueled by strong performances of Dogecoin and XRP, as well as lower-than-expected US Producer Price Index (PPI) data. While Bitcoin had previously dipped below $90,000, market sentiment was lifted by news that Donald Trump is poised to sign an executive order favoring the cryptocurrency industry. Investors are also anticipating potential pro-crypto policies during Trump's inauguration. However, recent hot economic data has reduced market expectations for US interest rate cuts this year, and Wednesday's Consumer Price Index (CPI) report could further influence markets. Despite this, K33 Research remains bullish on Trump's long-term impact on Bitcoin, believing the inauguration could present a buying opportunity on dips.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Bitcoin breaks $96,000, supported by lower-than-expected US producer price index (PPI) reading, traders look to latest batch of US inflation data.
Trump's inauguration could impact markets, people are expecting his actions to support cryptocurrencies.
Dogecoin and Ripple lead the gains in the main altcoins, with a gain of 6%-7%.
Bitcoin remains in a sideways consolidation above $90,000 as surging bond yields and the US dollar have roiled global markets.