#Bitcoin breaks through $96,000#
Hot Topic Overview
Overview
Bitcoin price broke above $96,000 on Tuesday, surging over 3% after US producer price index (PPI) data came in below expectations, boosting market sentiment. Dogecoin and Ripple led the altcoin rally, gaining 6%-7%, respectively. The market is now focused on the consumer price index (CPI) report due out on Wednesday, which is expected to offer more clues on the Fed's policy path this year. Moreover, Donald Trump's inauguration on January 20 could also impact the market, as people anticipate his action in favor of cryptocurrencies. Despite this, K33 Research believes that the incentive to sell Bitcoin at the inauguration has been dampened due to the recent sell-off in stocks and digital assets.
Ace Hot Topic Analysis
Analysis
Bitcoin surged past $96,000 on Tuesday, fueled by a rebound from Monday's slump in the cryptocurrency market and a softer-than-expected US producer price index (PPI) reading. Dogecoin (DOGE) and Ripple (XRP) led the altcoin gains, rising 6%-7%. However, traders remain focused on the upcoming consumer price index (CPI) report due Wednesday, which could have a significant impact on the market and provide traders with further clues on the direction of the Federal Reserve's policy this year. Additionally, the market is keeping an eye on Donald Trump's impending inauguration, with expectations of his crypto-friendly actions. Despite this, K33 Research believes that the allure of selling Bitcoin on inauguration day has diminished due to the recent sell-off in stocks and digital assets. Overall, Bitcoin is still consolidating above the $90,000 level, but the market could be swayed by the CPI report and Trump's inauguration in the coming days.
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 lower than expected, as traders look ahead to the latest batch of US inflation data.
Dogecoin and Ripple led gains among major altcoins, rising 6%-7%, indicating a positive sentiment towards cryptocurrencies overall.
Trump's inauguration could impact the market, with people expecting his support for cryptocurrencies and anticipating potential buy-the-dip opportunities.
Recently surging bond yields and a stronger dollar have rattled global markets, with market participants lowering their expectations of US rate cuts this year. Wednesday's consumer price index (CPI) report will give traders further clues about the Fed's policy path for the year.