Bitcoins <\/p>\n
Bitcoin On “The The higher Why is Bitcoin going up? Source: CoinMarketCap.com<\/p>\n<\/figcaption><\/figure>\n This price Paul Howard, Wincent<\/p>\n<\/figcaption><\/figure>\n “Crypto Altcoins The total Bitcoin and altcoins are going up. Source: CoinMarketCap.com<\/p>\n<\/figcaption><\/figure>\n \u201cMarket Bitcoin On “The The higher Why is Bitcoin going up? Source: CoinMarketCap.com<\/p>\n<\/figcaption><\/figure>\n
\nprice approached the psychological barrier of $100,000 following December’s
\ninflation increase in the United States. Along with BTC<\/a>, altcoins also rose as
\ninvestors anticipate the Federal Reserve may be forced to cut rates sooner than
\nplanned13.<\/p>\nWhy is Bitcoin Up? US CPI
\nInflation Rose 0.4% in December 2024<\/h2>\n
\nWednesday, January 15, 2025, the US Bureau of Labor Statistics (BLS) reported
\nthat the Consumer Price Index (CPI) increased by 0.4% last month.<\/a><\/p>\n
\nConsumer Price Index for All Urban Consumers (CPI-U) increased 0.4 percent on a
\nseasonally adjusted basis in December, after rising 0.3 percent in November.
\nOver the last 12 months, the all items index increased 2.9 percent before
\nseasonal adjustment,” the BLS commented.<\/a><\/p>\n
\nmonthly inflation reading caused the CME FedWatch tool to indicate a 30%
\nprobability of a rate cut at the March meeting. The cryptocurrency market,
\nanticipating interest rate cuts, saw Bitcoin<\/span><\/span><\/span> <\/span> jump 1.4% to $98,500 immediately
\nafter the report, eventually reaching a local daily high of $99,400.<\/p>\n
\naction validated yesterday’s bullish doji candle (or pin bar) formation<\/a>, which
\nemerged when BTC briefly dipped below $90,000. If the trend continues, surpassing the $100,000 level should only be a matter of time. This would pave the way for Bitcoin to retest its all-time high above $108,000.<\/p>\n
\nremains a key indicator of risk assets, and with CPI and inflation figures
\nexceeding expectations, this improvement is evident in current pricing,\u201d Paul
\nHoward, Senior Director at Wincent, commented for Finance Magnates<\/em>. \u201cAs
\na leading liquidity provider in digital assets, we anticipate a highly volatile
\nweek ahead, particularly with the transition of administration in the US, which
\ncould result in +\/-10% price swings for major assets like BTC, SOL, ETH, and
\nXRP.\u201d<\/p>\nWhy Is Crypto Up Today?
\nEthereum and Other Altcoins Follow Bitcoin’s Lead<\/h2>\n
\nquickly followed Bitcoin’s lead. Ethereum<\/span><\/span><\/span> <\/span>, the second-largest cryptocurrency by
\nmarket capitalization, rose 3% in the past hour to $3,300, while XRP jumped
\n2.6% to $2.57.<\/p>\n
\ncryptocurrency market capitalization increased by 5.6% to $3.33 trillion, with
\ndaily trading volume surging 25% to $154 billion according to CoinMarketCap
\ndata.<\/p>\n
\npricing will likely respond to announcements made by the incoming President,
\nsuggesting that current valuations may not fully account for upcoming news,\u201d
\nadded Howard. \u201cMany of these expected announcements are likely to have
\nlong-term implications throughout the year, especially in areas such as
\nregulatory clarity, adjustments to banking policies, and leadership in matters
\nlike a strategic bitcoin reserve.\u201d<\/p>\n<\/div>\n
\nprice approached the psychological barrier of $100,000 following December’s
\ninflation increase in the United States. Along with BTC<\/a>, altcoins also rose as
\ninvestors anticipate the Federal Reserve may be forced to cut rates sooner than
\nplanned13.<\/p>\nWhy is Bitcoin Up? US CPI
\nInflation Rose 0.4% in December 2024<\/h2>\n
\nWednesday, January 15, 2025, the US Bureau of Labor Statistics (BLS) reported
\nthat the Consumer Price Index (CPI) increased by 0.4% last month.<\/a><\/p>\n
\nConsumer Price Index for All Urban Consumers (CPI-U) increased 0.4 percent on a
\nseasonally adjusted basis in December, after rising 0.3 percent in November.
\nOver the last 12 months, the all items index increased 2.9 percent before
\nseasonal adjustment,” the BLS commented.<\/a><\/p>\n
\nmonthly inflation reading caused the CME FedWatch tool to indicate a 30%
\nprobability of a rate cut at the March meeting. The cryptocurrency market,
\nanticipating interest rate cuts, saw Bitcoin<\/span><\/span><\/span> <\/span> jump 1.4% to $98,500 immediately
\nafter the report, eventually reaching a local daily high of $99,400.<\/p>\n