Summary:
Bitcoin drops over 9%, trading at $90,303.
Ether suffers a 17% loss, now at $3,037.
XRP faces a crucial legal hearing; trading at $2.45.
Dogecoin sees a 17% weekly decline, currently at $0.32.
Bitget Token (BGB) rises 5.8%, trading at $6.6.
The crypto market is currently deep in the red ahead of Donald Trump’s inauguration, influenced by an unexpected jobs report and fears of higher-than-expected inflation data. This situation highlights the growing interconnection between the crypto market and broader macroeconomic trends.
Cryptocurrencies to Watch
Here’s a closer look at the cryptocurrencies that are capturing attention this week:
Bitcoin (BTC)
Bitcoin has seen a drop of over 9% in the past week, trading at $90,303. The market is bracing for increased volatility as Trump prepares for his inauguration, with speculation surrounding potential favorable policies for crypto miners.
Illustration: Chesnot (Getty Images)
Ether (ETH)
Ether, the second-largest cryptocurrency, has underperformed Bitcoin, posting a 17% loss over the past week, now at $3,037. The decline is attributed to a sustained outflow from Ether exchange-traded funds (ETFs).
Illustration: Dan Kitwood (Getty Images)
XRP
XRP is under the spotlight as Ripple faces a pivotal hearing on January 15 regarding its legal battle with the U.S. Securities and Exchange Commission (SEC). Currently, XRP is trading at $2.45, with a slight increase of 0.74% over the week.
Illustration: INA FASSBENDER (Getty Images)
Dogecoin (DOGE)
Dogecoin is also in focus, trading at $0.32 with a 17% weekly decline. Speculation about potential price swings is fueled by Elon Musk's close ties to Trump.
Illustration: Chesnot (Getty Images)
Bitget Token (BGB)
In contrast, Bitget Token (BGB) is on the rise, trading at $6.6 with a 5.8% increase this week. This growth is linked to Bitget introducing Solana limit order functionality and burning 40% of its circulating tokens, reducing supply and potentially increasing value.
Image: SOPA Images (Getty Images)
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