Bitcoin Holds Above $100,000 as Trump Inauguration Approaches
The crypto market is experiencing significant movements as President-elect Donald Trump's inauguration approaches. Key developments include:
- Bitcoin remains above $100,000, with altcoins such as SOL, ADA, LINK, XRP, and LTC performing well.
- A blockchain address linked to Trump's World Liberty Finance acquired nearly $10 million in ETH.
- The NEAR Protocol's token dynamics show a bullish trend, with an increasing ratio of staked to unstaked tokens.
- Market sentiment is generally bullish following the easing of inflation concerns from recent U.S. CPI reports.
- BTC on Coinbase trades at a discount compared to Binance, indicating weaker demand from U.S. investors.
- A whale moved over $1 billion worth of BTC to Coinbase, often a sign of selling intentions.
- Potential inflation concerns may arise again, as December's PPI exceeded CPI for the first time since 2022.
Upcoming Events
- Jan. 17: Court of Appeals hearing in KalshiEX LLC v. CFTC.
- Jan. 23: SEC decision deadline on Grayscale Solana Trust ETF proposal.
- Jan. 25: SEC decisions on four new spot solana ETFs.
- Feb. 4: MicroStrategy Q4 earnings report.
Market Performance
- BTC is down 2.17% at $102,319.71.
- ETH is up 3.13% at $3,424.04.
- CoinDesk 20 index is up 1.36% at 3,960.57.
- BTC funding rate is at 0.0092% (10.12% annualized) on Binance.
Technical Indicators
The dollar index's rally appears to be stalling, suggesting potential resistance for risk assets ahead.
Crypto Equities
- MicroStrategy (MSTR): Closed at $367 (+1.77%), pre-market $378.98.
- Coinbase Global (COIN): Closed at $281.63 (+2.44%), pre-market $289.28.
- Galaxy Digital Holdings (GLXY): Closed at C$28.77 (+3.01%).
Token Unlocks
- Jan. 17: ApeCoin (APE) unlocks 2.16% of supply, valued at $18.1 million.
- Jan. 18: Ondo (ONDO) unlocks 134% of supply, valued at $2.19 billion.
Investors should monitor these key developments and market trends closely as they could impact investment decisions moving forward.