Bitcoin Surges to $97,300 as Crypto Market Rebounds

Crypto markets rebounded on Tuesday after a decline on Monday, with bitcoin rising to $97,300. This recovery was driven by reports of Donald Trump's potential executive orders favoring the crypto industry and softer than expected U.S. Producer Price Index (PPI) data for December.

Bitcoin traded at $96,500, up 3% in 24 hours.
The CoinDesk 20 Index gained 5%.
Ripple's XRP and dogecoin increased by 6%-7%.

Despite this uptick, bitcoin remains in a sideways consolidation above $90,000 amid rising bond yields and a strong U.S. dollar. Market expectations for lower interest rates have diminished following recent economic data releases.

Anticipation is building for Wednesday's Consumer Price Index (CPI) report, which may influence market volatility and Federal Reserve policy outlooks. Additionally, Trump's inauguration on January 20 could further impact markets due to expectations of pro-crypto policies.

K33 Research suggests that while previous projections indicated selling during the inauguration, current market conditions make this strategy less attractive unless significant momentum resurfaces in the coming days. They maintain bullish long-term expectations regarding Trump's influence on bitcoin.