Hold onto your hats, crypto enthusiasts! Bitcoin just pulled off a jaw-dropping leap from below $90,000 to over $100,000, all while the world was fixated on the US presidential inauguration. What a rollercoaster week for the crypto market!
Let's dive into this wild ride with our star player, Bitcoin. The week kicked off with a heart-stopping drop, sending Bitcoin spiraling down by thousands in mere hours. The dreaded dip below $90,000 became a reality, marking Bitcoin's first visit to sub-$90,000 territory since November. But, like a phoenix rising from the ashes, Bitcoin bounced back with a $7,000 surge in less than a day.
Mid-week jitters were in full swing as everyone anticipated the US Consumer Price Index (CPI) numbers for December. Despite the CPI figures hovering around 3% year-over-year, Bitcoin and the crypto market decided it was party time. By midweek, Bitcoin was flirting with the $100,000 mark and smashed past it by Thursday and Friday, hitting a staggering peak of around $103,000. That's a $14,000 jump in just a few days—talk about a comeback!
The altcoin scene was just as electrifying. Ripple's XRP went on a tear, skyrocketing from a low of $2.33 on Monday to $3.39 in a mere 72 hours, nearly reclaiming its 2018 all-time high. Other altcoins like DOGE, SOL, ADA, and more joined the party with impressive double-digit gains.
In other news, Tether is packing its bags for El Salvador, relocating its headquarters after snagging a Digital Asset Service Provider (DASP) license. Meanwhile, Italy's largest bank, Intesa Sanpaolo, made waves with a historic €1M Bitcoin purchase.
Litecoin was the talk of the town, soaring 17% as whispers of a potential spot ETF got investors buzzing. On the legal front, the Ripple versus SEC saga took a twist with the SEC appealing a 2023 ruling just as the leadership gears up for a change.
And in a move that could shake up the crypto world, Trump is reportedly planning to make cryptocurrency a national priority. With the inauguration around the corner, all eyes are on what moves he'll make.
Lastly, institutional investors are snapping up Bitcoin on Coinbase, driving its price to a 10-day high. With all this action, it’s clear the crypto world is not slowing down anytime soon. Stay tuned for chart analyses of Ethereum, Ripple, Cardano, Binance Coin, and Solana to keep your finger on the pulse of this thrilling market!
