Bitcoin and Ethereum have shown significant growth, with Bitcoin reaching $100,000 and Ethereum rising to $3,450. These changes occur amid a complex dynamic in today's financial market.
Cryptocurrency Price Surge
Today, Bitcoin reached the price of $100,000, fulfilling the expectations of crypto enthusiasts and silencing critics. Ethereum wasn't far behind, seeing an increase to $3,450, marked by a 3.5% rise in the past 24 hours. These changes were accompanied by $309 million in liquidated positions, with $208 million related to shorts.
Correlation with Traditional Markets
According to Bloomberg data, the 30-day correlation of Bitcoin with the Nasdaq 100 is 0.70. This indicates that Bitcoin's price moves in tandem with tech-oriented stocks, though not entirely. As a result, the current week might become one of the most unpredictable in financial markets.
Impact of Upcoming Political Events
The upcoming inauguration of Donald Trump, scheduled for January 20, generates many expectations and concerns. His promises to turn the US into a global crypto hub have fueled speculation around the market, while his proposed policies may lead to increased inflation and economic instability. The upcoming Federal Reserve meeting on January 29 adds uncertainty: will it change the dynamics in the cryptocurrency market?
The cryptocurrency market is experiencing turbulent times, and its future development will depend on numerous factors, including political climate and Federal Reserve decisions.
