📢 Crypto market volatility! Bitcoin falls below 95K, altcoins rebound strongly!?
Today's cryptocurrency price update: Bitcoin fell below the $95,000 mark on Tuesday, down 1.3% in the past 24 hours, currently trading at $94,035.31.
Since the re-election of President Donald Trump, Bitcoin has experienced a significant rebound but is currently in a consolidation phase, having retraced 13% from its historical high of $108,268.45.
Despite the decline in Bitcoin, most major altcoins have performed positively during this period. Altcoins such as Ethereum (ETH), XRP, Solana, Dogecoin, Cardano, Shiba Inu, Toncoin, and Avalanche have risen by 7% during this time.
The weakness in crypto assets is primarily due to the Federal Reserve's hawkish comments, suggesting a slight rate cut in 2025.
The central bank stated in its December monetary policy announcement that its 2% inflation target is unlikely to be achieved in the coming year.
Avinash Shekhar, co-founder and CEO of Pi42, stated that Bitcoin has shown resilience in this turbulent market, as it raised $375 million in inflows this week despite a price drop of 11.8%.
Investors are taking a cautious stance, but with major buyers (including MicroStrategy's acquisition of 5,262 Bitcoins this week) leading the way, bulls are encouraged.
Altcoins like ETH and XRP reflect Bitcoin's recent struggles while it attempts to consolidate and rebound.
President-elect Donald Trump stated that he will appoint Bo Hines as the executive director of the Presidential Digital Asset Advisory Council, which will be chaired by the incoming crypto czar David Sacks.