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Digital assets went on a highly volatile ride on Monday morning, with BTC dumping from $106,000 to under $100,000 only to bounce off and register a new all-time high hours later at over $109,000. All eyes will be on Donald Trump’s inauguration on Jan. 20 while traditional markets in the United States remain closed for Martin Luther King Jr. Day. Better-than-expected Core CPI data eased inflation fears last week, and investors were encouraged, which was reflected in market performance; however, that all appears to be unraveling as we begin another week. Nevertheless, the crypto market has managed to recover from recent losses and is up to new peaks . Economic Events Jan. 20 to 24 President-elect Donald Trump will be sworn into office on Monday, but markets may have already factored this in. However, the signing of executive orders may come quickly, inducing further market volatility. Over the weekend, Trump launched his own memecoin (TRUMP), which surged to over $70 billion in fully diluted valuation in a matter of hours before dumping 50% in a massive market crash. It will be a light week in terms of economic data, beginning with initial jobless claims reports released on Thursday. This will be followed by January’s S&P Global Manufacturing PMI and Services PMI preliminary readings on Friday. The purchasing manager’s index data is a leading economic indicator used to gain insight into changing conditions in the wider economy. On Friday, existing home sales data, January’s Michigan Consumer Sentiment Index, and inflation expectations will also be released. The latter reports portray the results of a monthly survey of consumer confidence levels and views of long-term inflation, which impacts spending. Key Events This Week: 1. MLK Day, US Markets Closed – Monday 2. Inauguration of President Trump – Monday 3. Initial Jobless Claims data – Thursday 4. S&P Global Manufacturing/Services PMI data – Friday 5. December Existing Home Sales data – Friday 6. ~10% of S&P 500… — The Kobeissi Letter (@KobeissiLetter) January 19, 2025 Additionally, Thursday’s European Central Bank meeting may provide signals about potential rate cuts in 2025, which could influence global markets. There are also some notable earnings reports released this week including Netflix, Charles Schwab, and American Express. Crypto Markets Going Crazy Crypto markets started the week in the red as over $200 billion left the space, dumping total capitalization by over 6% to $3.58 trillion. Bitcoin fell hard, losing a similar percentage in a fall back into five figures again, dropping to $99,700. However, it all changed in the following hours as the cryptocurrency resumed its bull run and shot up to a fresh all-time high of over $109,000. The altcoins also faced enhanced volatility but have started to chart impressive gains over the past hour or so. The post 3 Things That Could Further Influence Crypto Markets in The Week Ahead appeared first on CryptoPotato .
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Dogecoin Whales on the Move: Is DOGE Primed for a New Bull Run?
TL;DR Large investors have accumulated more than 1.8 billion DOGE in the past 36 hours, reducing circulating supply, which could potentially have a positive impact on the price. Trump’s pro-crypto stance and Musk’s role in the D.O.G.E. department could boost the meme coin’s popularity and value even more in the near future. Big DOGE Move Incoming? The past few days have been more than eventful for the cryptocurrency market, which experienced enhanced turbulence. The price of Bitcoin (BTC), for instance, soared above $106,000 on January 19. Shortly after, it plummeted below $100K, only to explode to a new all-time high of almost $110,000 just minutes ago. The enhanced volatility, which is most likely caused by Donald Trump’s upcoming inauguration today, has also affected Dogecoin (DOGE). The biggest meme coin in terms of market capitalization has been hovering between $0.34 and $0.43 in the last three days, currently worth around $0.38 (per CoinGecko’s data). DOGE Price, Source: CoinGecko One important element signaling that DOGE could be gearing for a substantial rally in the short term is the whale activity . X user Ali Martinez revealed that such large investors had accumulated 1.83 billion tokens in the past 36 hours (equaling over $700 million at ongoing rates). The development reduces the circulating supply of the asset, potentially leading to a price increase (assuming demand stays the same or heads north). It can also encourage smaller players to enter the ecosystem, thus triggering an additional flow of capital. The Possible Trump/Musk Effect? Another major factor signaling good days ahead for DOGE bulls is Donald Trump’s incoming reign as America’s 47th President. During his presidential campaign, the Republican presented himself as the right choice for pro-crypto voters and made multiple promises that could help the industry flourish in the near future. Additionally, recent reports have indicated that Trump “ plans to release an executive order elevating crypto as a policy priority and giving industry insiders a voice within his administration. ” Elon Musk’s involvement in politics should also be mentioned . Tesla’s boss has been part of Trump’s inner cycle for the past several months and will even spearhead an upcoming division called Department of Government Efficiency (D.O.G.E.). The entity’s main goal will be to reduce bureaucracy, get rid of unnecessary regulations, and eliminate wasteful spending within the American government. DOGE proponents, though, have noticed the obvious match between the abbreviation of their favorite cryptocurrency and the agency, predicting that it might positively impact the meme coin. After all, Musk is a huge advocate of Dogecoin, often praising its merits and endorsing it on X. We have yet to see whether he will announce any big news for the DOGE community while at the department’s helm. The post Dogecoin Whales on the Move: Is DOGE Primed for a New Bull Run? appeared first on CryptoPotato . Crypto Potato
Bitcoin Exchange Binance Announces Listing of Two New TRY Pairs on Spot Platform!
Bitcoin exchange Binance has announced the launch of two new trading pairs – AIXBT/TRY and TRUMP/TRY – on its Spot platform. Binance Adds AIXBT/TRY and TRUMP/TRY Trading Pairs, Expands Trading Bot Services Trading for these pairs will open on January 21, 2025 at 11:00 AM, providing users with additional options for trading with the Turkish lira (TRY). To enhance the trading experience, Binance will also enable Trading Bots services for new pairs. Users will be able to use Spot Algo Orders for both AIXBT/TRY and TRUMP/TRY, enabling them to develop more efficient and automated trading strategies. About TRY on Binance The platform explained that TRY refers to the Turkish lira, which is a fiat currency, and does not represent any digital currency. This update reflects Binance’s commitment to expanding its services offering and providing users with advanced trading tools and a wider range of trading pairs. Binance continues to support localized fiat currencies like TRY, further solidifying its presence in key global markets. *This is not investment advice. Continue Reading: Bitcoin Exchange Binance Announces Listing of Two New TRY Pairs on Spot Platform! Crypto Potato
