Crypto prices today (Dec. 12): BTC, SOL, ZEC, TAO rally amid escalating Trump-Powell feud

Crypto prices today are on the uptrend as political tensions in the U.S. spill into financial markets, pushing investors toward alternative assets. 

The total crypto market capitalization rose about 1.5% to $3.2 trillion, led by gains in Bitcoin and select altcoins.

At the time of writing, Bitcoin was up 1.8% over the past day, trading at $92,054. Zcash rose 10% to $414, Bittensor increased 3.2% to $290, and Solana edged up 5.2% to $142.

Despite the price bounce, sentiment is still cautious. The Crypto Fear & Greed Index slipped two points to 27, keeping the market in the “Fear” zone.

CoinGlass data showed liquidations surged 136% to $165 million in the past day, while open interest edged higher by 0.47% to $139 billion.

Trump–Powell clash shakes traditional markets

The rally followed a sharp escalation in tensions between U.S. President Donald Trump and Federal Reserve Chair Jerome Powell. Powell disclosed that the Justice Department had issued grand jury subpoenas linked to his congressional testimony over Federal Reserve building renovations.

He described the move as political pressure tied to the Fed’s refusal to cut interest rates more aggressively.

Trump has repeatedly criticized Powell over rate policy and has openly discussed replacing him when his term ends in 2026. In a public response, Powell defended the Fed’s independence and asserted that political demands do not influence monetary policy decisions.

The dispute unsettled traditional markets. The U.S. dollar weakened, stock futures fell, and gold pushed to fresh record highs. Crypto assets saw renewed buying interest as investors looked for alternatives outside the traditional financial system.

Analyst view: short-term upside, longer-term caution

On-chain analyst Willy Woo offered a mixed outlook in a Jan. 11 post on X. He said his models show investor flows bottomed around Dec. 24 and have improved steadily since, which could support Bitcoin through late January and February.

Woo pointed out that following months of weakness, the futures market liquidity has recovered, a trend observed in the latter phases of the 2021 cycle. 

But since early 2025, liquidity growth has lagged behind price momentum, he cautioned. Without a strong rise in long-term spot buying, Woo expects higher risk later in 2026. He added that Bitcoin still needs to challenge the $98,000–$100,000 zone before any discussion of sustained upside makes sense.

For now, crypto’s gains reflect rising uncertainty in traditional markets rather than a clear shift in long-term risk appetite. Volatility is likely to stay elevated as investors weigh political pressure on monetary policy against slowing global liquidity.