#Bitcoin breaks through $96,000#
Hot Topic Overview
Overview
Bitcoin surged past $96,000 on Tuesday, gaining over 3% after dipping below $90,000. The rebound was fueled by speculation that former President Trump may issue an executive order supporting cryptocurrencies, as well as the US Producer Price Index (PPI) data coming in lower than expected. Dogecoin and Ripple led the altcoin gains, with both seeing price increases of 6%-7%. Nevertheless, Bitcoin remains consolidating above $90,000, with traders looking towards the Consumer Price Index (CPI) report due on Wednesday for more clues on the Federal Reserve's policy trajectory for this year. Additionally, the inauguration of President Trump could also impact the market, as there is anticipation for action in support of cryptocurrencies.
Ace Hot Topic Analysis
Analysis
Bitcoin has broken through $96,000, supported by a rally in the altcoin market led by Dogecoin and XRP, and US producer price index (PPI) data that came in below expectations. Despite recent surging bond yields and a volatile dollar, Bitcoin remains trading sideways above $90,000. Traders are keeping an eye on the Consumer Price Index (CPI) report due out on Wednesday, which could have further impact on the market and provide traders with clues about the Fed's policy trajectory this year. In addition, the inauguration of President Trump could also impact the market, as people are anticipating actions from him in support of cryptocurrencies. While K33 Research had previously predicted that the inauguration could be a buying opportunity, recent sell-offs in equities and digital assets have led the company to change its view, arguing that the appeal of selling Bitcoin on inauguration day is much smaller. Overall, the market is divided on Bitcoin's short-term trajectory, but long-term, there is a bullish outlook on the impact of Trump on Bitcoin.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Bitcoin breaks $96,000, boosted by US Producer Price Index (PPI) data coming in lower than expected and speculation that Donald Trump may support the crypto industry.
Traders are focused on US inflation data, particularly the Consumer Price Index (CPI) report due Wednesday, which could influence the Federal Reserve's policy moves this year.
Dogecoin (DOGE) and XRP outperformed the broader crypto market, leading gains in the altcoin space.
Despite recent market volatility, Bitcoin remains consolidating above $90,000, with some analysts bullish on Trump's impact on crypto in the long term.