Today, the primary digital currency by market value, Bitcoin, momentarily surpassed the $100,000 mark on the Bitstamp exchange earlier today.
On Wednesday, the value of the cryptocurrency peaked at $100,510 for the day, surging over 2% compared to previous levels.
The gathering takes place following a Reuters announcement that the Securities and Exchange Commission (SEC) plans to begin revising its cryptocurrency regulations promptly, upon the anticipated resignation of SEC Chair Gary Gensler.
Bitcoin saw an increase following the release of December’s core inflation figures, which omitted food and energy costs, that turned out to be more favorable than forecasted. This renewed optimism among traders for potential interest rate reductions by the U.S. Federal Reserve throughout the year.
At the start of this month, Bitcoin momentarily dipped under $90,000 as a result of speculations about the Federal Reserve possibly reducing monetary easing measures by 2025.
Yet, it seems the bull market may not have fully recovered, as per CNBC’s report. Financial titan Standard Chartered suggests that if the price falls below the $90,000 mark again, a sharper downturn could follow.
Recently, it was observed by the bank that the Bitcoin Spot ETF was only managing to cover its costs in terms of investment. On Tuesday alone, there were recorded outflows totaling approximately $209 million from these ETF producers.
Bitcoin is lagging behind altcoins
Despite its impressive price gains, Bitcoin is still lagging behind major altcoins.
The Ripple-affiliated XRP token is stealing the show with a 10% price spike.
Ethereum (ETH), Solana (SOL), and Cardano (ADA) have also substantially outperformed Bitcoin.
However, BNB has notably underperformed the crypto king with a relatively modest 1.8% increase.
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2025-01-16 17:45