Jumat, 17 Januari 2025

BTC Surged Past $100K, XRP Matched 2018 ATH: Weekly Crypto Recap After CPI Data


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Weekly Crypto Market Update

BTC $103,200 | ETH $3,414 | XRP $3.26 | Total Market Cap: $3.8 Trillion

What a week it was for the entire cryptocurrency market. Let's start and focus on Bitcoin.

The primary cryptocurrency began the trading week with a massive price correction that pushed it south by several grand within a day. There were warning signs about a potential drop below $90,000, and that transpired later in the day.

This marked BTC's first decline to sub-$90,000 levels since November. However, bitcoin reacted well to this crash and bounced off by $7,000 within less than 24 hours. More volatility was expected mid-week when the US CPI numbers for December were scheduled to go live.

Although the regular and Core CPI were around 3% YoY, BTC and the rest of the market started to gain value after the announcement. BTC neared $100,000 by the end of the day and surpassed that level on Thursday and Friday. In fact, it registered a multi-week peak of roughly $103,000 earlier today. As such, it managed to add nearly $14,000 since the Monday low in the span of less than a trading week.

Many altcoins posted similar and even more impressive gains within the same timeframe. Ripple's native token stole the show once again. It bottomed at $2.33 on Monday but went on a wild run within the next 72 hours that pushed it to $3.39 (on most exchanges). Thus, XRP came less than 1% away from breaking its 2018 all-time high of $3.4 (according to CoinGecko).

Read The Full Market Update

Price Analysis: ETH, XRP, ADA, BNB, and SOL

This week, we take a closer look at Ethereum, Ripple, Cardano, Binance Coin, and Solana. For a detailed analysis, read more.

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XRP's price soared to a seven-year high on renewed optimism surrounding Donald Trump's inauguration. Read more.

US Can Sell $6.5B in Bitcoin

Inflation in the US is slowing down, according to the latest release of the Consumer Price Index. Read more.

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Trump to enact 5 crypto changes ASAP via Executive Order amid red tape

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Trump to enact 5 crypto changes ASAP via Executive Order amid red tape

Trump's crypto plans face legal hurdles, yet promise a coordinated policy push.

CryptoSlate

Jan 17

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Happy Friday!

As President-elect Donald Trump prepares to take office, the cryptocurrency landscape is poised for significant changes. Reports indicate that he plans to enact five key initiatives via executive order on his first day, including designating crypto as a national priority and establishing a crypto advisory council to streamline government interactions with the industry. However, these ambitious plans face legal challenges, particularly regarding the halting of litigation against crypto companies and the creation of a national Bitcoin stockpile. Meanwhile, Senator Cynthia Lummis is advocating for a pause on the sale of Silk Road Bitcoin and urging accountability from the FDIC concerning crypto records. In the private sector, Coinbase is teaming up with Morpho to offer Bitcoin-backed loans, allowing users to borrow up to $100,000 in USDC. With these developments unfolding, the future of cryptocurrency in the U.S. could be reshaped dramatically in the coming days.

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The global crypto market cap is $3.63 trillion, with a 24-hour volume of $160.7 billion. The price of Bitcoin is $103,938.19, and BTC market dominance is 56.7%. The price of Ethereum is $3,417.55, and ETH market dominance is 11.3%. The best-performing sector is Cat-Themed, which gained 13%. The Crypto Fear & Greed Index is currently Greed (75).