- The lack of direction of Bitcoin shows the similar setup. $91,000 has been set as a crucial point as rate cut anticipations move in different directions.
- With the increase, the total market capitalisation of the crypto market witnessed a 1.6% increase, taking it to $3.23 trillion.
Bitcoin hovered near $92,000 on early Monday as the Asian market opened comparatively higher than previous days. Investors are also looking for the US inflation data to be released this week, another on Washington’s tariff fight and the Federal Reserve’s increased political drama.
The China and Hong Kong markets have shown a slight increase, with Shanghai rising by 0.24% and the SZSE Component surging by 0.60%. At the same time, Hang Seng rose by 0.14%, and China A50 plunged by 0.77%.
Talking about major cryptocurrencies, Bitcoin rose by 1.7% and stood at $92,122, Ether showed a 2.2% increase to reach $3,158, and XRP was 0.4% up with a price of $2.10. With this, the total market capitalisation of the crypto market witnessed a 1.6% increase, taking it to $3.23 trillion.
The Support for Strong Open
Wall Street supported Asia in having a surge open after concluding strongly last week. The S&P was higher on Friday after the job report revealed slower hiring than speculation and unemployment relieved by 4.4%, while the Supreme Court again held off on a decision in challenges to President Donald Trump’s tariffs.
The lack of direction of Bitcoin shows the similar setup. $91,000 has been set as a crucial point as rate cut anticipations, dollar moves and the risk-greed pull in various directions, with placing turning cautious before the upcoming macro prints.
The attention is sought with the December CPI due Tuesday, Jan. 13, and the Fed’s Beige Book on Wednesday, and the market is now waiting for the Fed’s Jan. 27-28 policy meeting.
Rates and the dollar also witnessed an extraordinary risk after Federal Reserve Chair Jerome Powell stated that the central bank got grand jury subpoenas from the Justice Department associated with his Senate testimony on the Fed’s headquarters renovation, increasing concerns regarding pressure on the institution as his chair term concludes in May 2026.
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Source: https://thenewscrypto.com/bitcoin-holds-near-92k-as-asia-rises-ahead-of-us-cpi-data/
