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Dogecoin, XRP Lead Crypto Rebound, Bitcoin Tops $96K as Traders Await Key Inflation Data
Crypto prices bounced from Monday’s wipeout with bitcoin (BTC) rising as high as $97,300 on Tuesday as traders eyed the latest batch of U.S. inflation data with more to come tomorrow.
The largest crypto’s dip below $90,000 yesterday was quickly bought up on reports that Donald Trump is preparing first-day executive orders benefitting the crypto industry. The advance continued today, supported by softer than expected U.S. Producer Price Index (PPI) readings for December.
BTC recently changed hands at $96,500, up 3% over the past 24 hours, while the broad-market benchmark CoinDesk 20 Index outperformed with a 5% gain. Ripple’s XRP and dogecoin (DOGE) led altcoin majors with 6%-7% advances.
In traditional markets, the tech-heavy Nasdaq and the S&P 500 closed roughly flat.
Zooming out, bitcoin is still consolidating sideways above $90,000 while soaring bond yields and U.S. dollar shook markets across the globe over the past weeks. Market participants have already scaled back expectations for lower interest rates in the U.S. this year amidst recent hot U.S. economic data releases.
Wednesday’s Consumer Price Index (CPI) report could inject another burst of volatility to markets and provide further clues for traders into the Federal Reserve’s policy trajectory for the year.
Looking past that, Trump’s inauguration ceremony slated for Jan. 20 could also move markets as anticipation builds for the incoming president’s pro-crypto actions.
K33 Research previously projected that the inauguration could be an opportunistic sell-the-news event amidst heightened expectations, but the early-year sell-off in stocks and digital assets made the firm revise its view.
«While our monthly outlook favored selling the inauguration, we’d like to rephrase this strategy as selling BTC at the inauguration is considerably less appealing unless the coming six days offer a substantial resurfacing of momentum» the report said. «The S&P 500 closed its post-election gap yesterday, and BTC reached 2-month lows.»
«De-risking would be entirely path-dependent on next week’s price action and short-lived in nature as we hold bullish long-term expectations for Trump’s impact on BTC,» the authors added.
Circle, the U.S.-based stablecoin issuer, is going public.
The firm filed an S-1 form with the Securities and Exchange Commission (SEC) on Tuesday. If approved, the company’s stock will be trading on the New York Stock Exchange under the symbol «CRCL.»
The company said its reserve income from managing its stablecoin-related reserves was $1.7 billion at the end of 2024, representing 99.1% of its total revenue.
Circle is behind USDC, the second largest stablecoin by market capitalization, with $60 billion in supply. The firm’s IPO has been one of the most anticipated in crypto.
It’s not the only crypto-adjacent company looking to go public. Artificial Intelligence (AI) firm CoreWeave (CRWV), which benefits from a strong business relationship with bitcoin mining firm Core Scientific (CORZ), started trading on the public market on March 28.
Bitcoin (BTC) purchases from video game retailer GameStop (GME) could be imminent or may have already begun after the company closed on its offering of $1.3 billion of five-year convertible notes.
The $200 million greenshoe option was fully exercised by the initial purchaser, bringing the total amount of the sale to $1.5 billion. Net proceeds to the company after fees were $1.48 billion, according to a filing Monday after the close of U.S. trading.
Alongside its fourth quarter earnings report last week, GameStop — led by its CEO Ryan Cohen — announced full board approval of an update to the company investment policy to add bitcoin to the GME balance sheet.
GME shares rose 1.35% during the regular session on Monday and are up another 0.8% in after hours action. Bitcoin remains modestly higher over the past 24 hours at $84,900.
CoreWeave (CRWV) shares rose more than 38% on their third day of trading debut after raising nearly $1.5 billion from its IPO following OpenAi’s announcement of a record-breaking $40 billion funding round on Monday.
The artificial intelligence (AI) startup went public on the Nasdaq exchange on Friday afternoon. The stock dropped below its IPO price to $39 and ended the day flat at $40 before dropping another 10% on Monday, its first full day of trading. CoreWeave’s IPO came at a time of strong anxiety and uncertainty in global markets, diminishing investor appetite and risk tolerance.
However, investor sentiment towards AI-related stocks seemed to have changed on Tuesday after AI powerhouse OpenAI announced on Monday that it had closed a $40 billion funding round, valuing the company at $300 billion. The move appears to have assured investors that there continues to be a strong appetite for AI companies, even in the current rough market.
This positive outlook has also spread to digital assets, as AI-related tokens were boosted on Tuesday. AI tokens, including Near Protocol (NEAR), Internet Computer (ICP), Bittensor (TAO) and Render (RENDER), were all up over 3% on Tuesday, with RENDER leading the group, trading 7.4% higher. The broader digital assets market, CoinDesk20 Index, also rose 3%.
Meanwhile, the shares of Core Scientific (CORZ), the bitcoin miner and data center with a large partnership with CoreWeave, have also risen more than 9% on Tuesday.
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