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Bitcoin Price Soars Despite US PPI Dampens Crypto Market Sentiment
The much-awaited US PPI data today showed that the inflation has advanced 3.5% in January, up from the prior month’s figure of 3.3%. This gloomy data, after the recent hotter-than-anticipated US CPI inflation figures, has further added pressure on the crypto market traders. However, with an unexpected twist, Bitcoin price has surged crossing the brief $96K mark.
Bitcoin Price Soars After US PPI Release
The latest US PPI Inflation data by the Labor Department has fueled concerns over a potential Bitcoin price crash ahead. However, it appears that the investors have shrugged off the inflationary concerns, as evidenced by the recent surge in BTC.
Meanwhile, the latest data showed that the US PPI advanced 3.5% on a year-over-year basis (YoY) in January, up from 3.3% in the prior month. The inflation on a monthly basis came in at 0.4%, up from the prior month’s figure of 0.2%. Notably, the latest data exceeds Wall Street expectations.
Simultaneously, the Core PPI, which excludes the food and energy prices, came in at 3.4% as compared to December’s figure of 3.3%. On the other hand, the Core PPI on a MoM basis rises to 0.3% from 0.1% recorded in the previous month. The market was expecting the Core PPI to come in at 3.3% and 0.2%, respectively.
Rupam Roy
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The XRP price is eyeing a rally to the $8 price level, which will mark a new all-time high (ATH) for the crypto. This comes amid speculations that the US Securities and Exchange Commission (SEC) is set to acknowledge the XRP ETF applications.
XRP Price Eyes Rally To $8 Amid XRP ETF Decision
In an X post, crypto analyst Dark Defender predicted that the XRP price could rally to $8. This came as he assured market participants that the XRP structure hadn’t changed for 18 months. He added that the crypto has successfully followed this path during this period, which indicates that it could still reach this projected $8 level.
The crypto analyst also stated that Fibonacci levels are precise at $5.85 and $8.76, which also earlier hit $1.88, and XRP is now using this level as support. As such, Dark Defender advised market participants to ignore fear, uncertainty, and doubt (FUD) and focus on upcoming developments.
These developments likely include the XRP ETF applications, which the US SEC could acknowledge soon enough, paving the way for a potential approval. As Coingape reported, these XRP ETFs would significantly impact the XRP price, potentially contributing to the rally to the $8 target.
Meanwhile, the analyst’s accompanying chart showed that XRP would hit this $8 target on the Wave 5 impulsive move to the upside. The chart also showed that this rally to this price level could happen between May and September.
A Bullish Outlook For The Crypto
In an X post, crypto analyst Egrag Crypto provided a bullish outlook for the XRP price. He stated that XRP’s price action remains firmly positioned above the blue ascending channel, which he highlighted on the chart. The analyst added that this demonstrates both strength and momentum in its current trend.
Egrag Crypto then discussed XRP’s daily Stochastic Relative Strength Index (SRSI), which he revealed is on the verge of breaking above the critical 20 level, indicating a potential bullish shift. The analyst alluded to the Wave Trend Indicator, which he revealed has registered a bullish cross, a development that signals a favorable outlook for upcoming price movements.
Lastly, the crypto analyst also touched on the On-Balance-Volume (OBV), which he revealed remains in the green and is on the rise. According to him, this suggests increased buying pressure. This trend is also said to indicate that a significant price movement may be on the horizon.
It is worth mentioning that Egrag Crypto recently predicted that the XRP price could top at $13 in this market cycle. Meanwhile, he also predicted that XRP will reach $110 in the next bull cycle.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Despite the global crypto market’s recent rebound to reach $3.16 trillion, the Solana price is facing significant pressure. Solana’s current struggle is primarily triggered by pump.fun’s massive SOL sell-off. In a recent revelation, Lookonchain unveiled Pump.fun’s significant transfer of 148.7K SOL to Kraken.
Pump.fun Moves $28M SOL: Solana Price in Trouble
According to an X post shared by the on-chain analytics platform Lookonchain, Pump.fun, Solana’s memecoin launchpad, executed a transfer of a staggering 148,759 SOL, worth approximately $28.22 million, to Kraken. This massive sell-off has fueled speculations of Solana price’s potential bearish trend.
To date, Pump.fun has made a substantial transfer of 2,280,377 SOL, valued at approximately $462 million, to Kraken. The platform has sold 264,373 SOL for 41.64 million USDC. The Pump.fun address still maintains a notable balance of 16,877 SOL, suggesting a deliberate reserve after the transaction.
Notably, Pump.fun’s massive SOL sell-off has created a buzz in the market, sparking speculations of Solana price’s imminent downtrend. Just after the transfer, SOL experienced a marginal decline of 1.2%.
Is Solana Slipping to New Lows?
Currently, Solana is trading at $191.17, with a slight surge of 0.20% over the last 24 hours. On a monthly and weekly basis, the Solana price has witnessed slight upticks of 2.68 and 0.55%, respectively.
Meanwhile, Binance Coin (BNB) has surpassed Solana in market capitalization, reaching $96.15 billion compared to Solana’s $93.16 billion, sparking concern. This anxiety is widely demonstrated in the changing market sentiment as Solana’s 24-hour trading volume is down by 11.51%, currently at $3.39 billion.
Significantly, the Solana price has dropped below the volume-weighted average price (VWAP) support level, which has been in place since the September low. Though the level historically provides a buying opportunity, repeated tests may increase the likelihood of a breakdown.
Fear Grips Market: Can Solana Price Avoid $120 Drop?
It is noteworthy that the Solana price has been consolidating for over 83 days, trading within established boundaries. According to Crypto School, the HTF support level is clearly identified at $176. Adding to this point, it is understood that a break below $165 could pull the price down to severe lows.
DeepSeek’s latest predictions have added fuel to concerns about Solana’s potential bear market. According to their forecast, Solana’s price may plummet to $120 in Q1 2025. However, DeepSeek also suggests an alternative scenario, where the token could surge to $250 during the same period.
Will Solana Rebound? Analysts Weigh In
Despite speculations of a bearish trend, analysts remain optimistic about a potential bullish reversal. Rose Premium Signals, a crypto voice on X, provides three bullish targets for Solana price, including $296.38, $339.55, and $384.56. At the same time, Kyren presents a more ambitious target of $500 for SOL, predicting that the token will hit the level in 2025.
A positive outlook on Solana’s future trend could be primarily attributed to Coinbase Derivatives’ potential launch of its SOL Futures contract product.
Amidst conflicting predictions of bullish and bearish trends, the market’s future remains uncertain. So, traders are advised to exercise caution, conduct thorough research, and stay up-to-date before making investment decisions.
Nynu V Jamal
Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
A new era of cryptocurrency regulations is about to be unveiled as a commissioner of the US Securities and Exchange Commission (SEC) confirmed that the agency would move in the opposite direction of its strict oversight policies.
SEC Commissioner Hester Peirce said that the regulatory body under the Trump administration would take a more pro-crypto approach to digital assets, a shift from the previous enforcement actions taken against cryptocurrency players.
More Structured Policies
In a Bloomberg Crypto TV interview, Peirce said that the regulatory body would be stepping away from an enforcement-centered approach to oversee the country’s cryptocurrency sector, adding that the focus now of the agency is to establish clear guidelines governing crypto tokens.
Source: Bloomberg Crypto TV
The SEC commissioner admitted in a statement that previously, the state regulator has been dependent on enforcement actions to regulate the digital assets industry, noting that the approach veered away from the policy making function of the SEC.
She noted that the SEC under Trump’s leadership would aim to craft a more structured crypto regulation framework than taking enforcement actions.
“During the past several years, enforcement cases have been used as a way to make regulatory policy; that is very atypical. We’re trying to get back to a path where we’re really using our other tools to make policy,” Peirce said.
No More Crypto War?
Peirce confirmed that the government has ended its so-called war against cryptocurrencies.
“We have been using enforcement cases to set regulatory policy. We’re trying to shift from that so we actually set policy and then we bring enforcement cases as needed,” the SEC Commissioner said in an interview.
She said that the SEC has an ongoing review on which state agency has jurisdiction over cryptos and identifies the regulatory gaps that the US Congress should address.
For several years, there has been an ongoing debate on whether regulating cryptocurrencies is a function of the SEC or should it be the responsibility of the Commodity Futures Trading Commission (CFTC):
“We’re working on looking at our jurisdiction that we currently have and saying what falls inside that jurisdiction and what falls outside that jurisdiction, then we can point out to Congress where we think there are gaps where maybe something is not covered by our jurisdiction,” she explained.
Crypto Task Force
Reports said that Peirce would be leading a crypto task force under the stewardship of the SEC, adding that the task force’s output would be a clear regulatory framework for cryptocurrencies.
According to analysts, the SEC task force will evaluate which cryptocurrencies should be classified as securities and assess the agency’s jurisdiction in the digital assets market.
Earlier, US President Donald Trump inked an executive order that will establish an advisory panel on cryptocurrency regulations. Trump is also considering the creation of a national crypto stockpile.
Peirce is a known supporter of the Bitcoin exchange-traded funds (ETFs) and has been against enforcement actions taken by the SEC against digital asset firms.
Featured image from SOPA Images, chart from TradingView
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