CoinDesk 20 Index: 2,598.80 -1.86%
Bitcoin (BTC): $87,804.73 -0.04%
Ether (ETH): $3,166.56 -3.78%
S&P 500: 5,983.99 -0.29%
Gold: $2,611.13 +0.00%
Nikkei 225: 38,721.66 -1.66%
Bitcoin has hit the brakes on its incredible rally. It faced some resistance around the $90,000 mark. Just the other day, BTC briefly touched $90,100 on Coinbase during the U.S. afternoon. However, selling pressure kicked in, and it dropped to $86,200 during the European morning. It did manage to recover a bit, settling around $87,500, which is about 2.65% lower than its peak on Tuesday. Meanwhile, altcoins didn’t fare as well. ETH and SOL fell by 3.6% and 2.8%, respectively, in the last 24 hours. Overall, the crypto market, as measured by the CoinDesk 20 Index, dropped by 1.4%.
Now, let’s talk about the upcoming release of the October U.S. consumer price data. It's set for 8:30 a.m. ET. This report could change the mood in the crypto market. Analysts expect it to show a 2.6% year-on-year increase in the cost of living for last month, following a 2.4% rise in September. Previous inflation data has caused some volatility for Bitcoin in the first quarter. BTC struggled when inflation was nearly double the target. For instance, it fell by 7.5% on January 12, when the U.S. reported its highest December figure since June 1982.
In other news, President-elect Donald Trump has announced plans to create a Department of Government Efficiency, affectionately dubbed DOGE. This is a nod to the dog-themed memecoin. Elon Musk and Vivek Ramaswamy will lead this initiative, working outside the government to provide advice aimed at major structural reforms. Their goal? To foster an “entrepreneurial approach to Government never seen before.” A CoinDesk analysis from mid-October noted that DOGE is gaining traction among investors due to its memetic nature. There’s likely to be more buzz around “DOGE” in mainstream media and retail trading circles, which could spark further interest in the token. In fact, DOGE has surged nearly 250% in the past 30 days, returning to 2021 levels. Traders are now eyeing the $1 mark as a long-term target.
The crypto money printer, represented by the daily mints of USDT, is in full swing. This indicates there’s plenty of dry powder available for bullish investors.
- Omkar Godbole
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