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Beyond whale activity, other Bitcoin metrics shared additional insights into the asset’s performance. For example – Open interest, a measure of the total number of outstanding derivative contracts, rose by 2.09% over the last 24 hours to $61.88 billion. This hike in Open Interest alluded to a renewed appetite for trading activity and could indicate more speculation about Bitcoin’s future price movements. Additionally, the Open Interest volume surged by 213.18% over the same period – A sign of heightened market engagement. Meanwhile, data from IntoTheBlock highlighted fluctuations in whale transactions, defined as transfers exceeding $100,000. Over the past month, the number of these transactions fell from 26,000 on 16 December to 15,000 by 12 January. However, there has been a notable rebound, with over 20,000 transactions recorded on 13 January. This resurgence in whale activity could mean renewed interest in Bitcoin among large investors, potentially influencing market momentum in the coming weeks.$BTC

Why Is Crypto Up Today? Ethereum and Other Altcoins Follow Bitcoin's Lead Altcoins quickly followed B$BTC itcoin's lead. Ethereum, the second-largest cryptocurrency by market capitalization, rose 3% in the past hour to $3,300, while XRP jumped 2.6% to $2.57. The total cryptocurrency market capitalization increased by 5.6% to $3.33 trillion, with daily trading volume surging 25% to $154 billion according to CoinMarketCap data. “Market pricing will likely respond to announcements made by the incoming President, suggesting that current valuations may not fully account for upcoming news,” added Howard. “Many of these expected announcements are likely to have long-term implications throughout the year, especially in areas such as regulatory clarity, adjustments to banking policies, and leadership in matters like a strategic bitcoin reserve.

Why is Bitc$BTC oin Up? US CPI Inflation Rose 0.4% in December 2024 On Wednesday, January 15, 2025, the US Bureau of Labor Statistics (BLS) reported that the Consumer Price Index (CPI) increased by 0.4% last month. "The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.4 percent on a seasonally adjusted basis in December, after rising 0.3 percent in November. Over the last 12 months, the all items index increased 2.9 percent before seasonal adjustment," the BLS commented. The higher monthly inflation reading caused the CME FedWatch tool to indicate a 30% probability of a rate cut at the March meeting. The cryptocurrency market, anticipating interest rate cuts, saw Bitcoin jump 1.4% to $98,500 immediately after the report, eventually reaching a local daily high of $99,400. This price action validated yesterday's bullish doji candle (or pin bar) formation, which emerged when BTC briefly dipped below $90,000. If the trend continues, surpassing the $100,000 level should only be a matter of time. This would pave the way for Bitcoin to retest its all-time high above $108,000. "Crypto remains a key indicator of risk assets, and with CPI and inflation figures exceeding expectations, this improvement is evident in current pricing,” Paul Howard, Senior Director at Wincent, commented for Finance Magnates. “As a leading liquidity provider in digital assets, we anticipate a highly volatile week ahead, particularly with the transition of administration in the US, which could result in +/-10% price swings for major assets like BTC, SOL, ETH, and XRP.”

Why Is Crypto Going Up? Bitcoin and Ethereum Prices Surge After US CPI Report $BTC Bitcoin price approached the psychological barrier of $100,000 following December's inflation increase in the United States. Along with BTC, altcoins also rose as investors anticipate the Federal Reserve may be forced to cut rates sooner than planned13.

Bitcoin is nearing the $100,000 mark, rising over 2% in the past 24 hours after better-than-expected Consumer Price Index (CPI) data fueled optimism in financial markets. The largest crypto asset by market cap climbed $2,000 following the data release, reaching an intraday high of $99,400. Bitcoin is currently trading at $99,000, consolidating its position as the rally continues. December’s CPI increased by 0.4%, slightly exceeding analyst expectations and November’s 0.3% rise. On a year-over-year basis, CPI came in at 2.9%, aligning with forecasts but marking an increase from the previous 2.7%. Core CPI, which excludes volatile food and energy prices, rose 0.2% month-over-month, consistent with projections and down from November’s 0.3%. Year-over-year, core CPI dipped to 3.2%, slightly below forecasts and the prior month’s rate of 3.3%. The core pace of inflation, closely monitored by policymakers, remains above 3%, frustrating officials despite the faster decline in headline inflation. However, the data has bolstered market sentiment, as traders now anticipate earlier monetary policy easing. The dollar index (DXY), often inversely correlated with Bitcoin, declined 0.5% to 108.5 following the CPI release. This marks a significant retreat from its Monday high of 110, triggered by strong labor market data. The weakening dollar sent both traditional and crypto markets higher, with the S&P 500 and Nasdaq opening up 1.4% and 1.7%, respectively. In the crypto space, Bitcoin’s surge follows weeks of rangebound trading driven by macroeconomic data and monetary policy expectations. The asset had consolidated below $100,000 since Federal Reserve Chair Jerome Powell’s hawkish comments in December. Strong economic and inflation data initially erased expectations for rate cuts this year, but today’s CPI report reignited optimism. The CME FedWatch Tool now shows a 44.5% probability of a rate cut at the June 18 meeting, up from 39% in September. However, the likelihood of subsequent cuts remains below 30% for later meetings. Tuesday’s Producer Price Index (PPI) data for December also showed cooler-than-expected inflation readings, supporting Bitcoin’s rebound from an abrupt drop below $90,000 earlier in the week.