Traders brace for Federal Reserve impact amid US data wave

Bitcoin (BTC) has surged past the $96,000 mark this week, driven by significant inflows into U.S. spot Bitcoin exchange-traded funds (ETFs) and a favorable U.S. Consumer Price Index (CPI) report, which alleviated inflation concerns. This price movement marks the end of a prolonged consolidation phase, leading to a wave of bearish liquidations as short sellers exited their positions.

The Algorand Foundation has announced its return to the United States and appointed a new board to spearhead strategic blockchain initiatives, signaling a renewed commitment to enhancing blockchain innovation. This move comes amid a more favorable regulatory environment for cryptocurrencies.

Bitcoin's price surged to $97,000, marking an eight-week high, despite the backdrop of high producer price inflation and the absence of a US tariff ruling. This increase diverges from the trends observed in US stock markets, which have shown mixed signals amid economic data releases.

The cryptocurrency market is experiencing a notable surge, with Bitcoin, Ethereum, and Dogecoin seeing significant price increases. This uptick follows the release of positive US economic data, highlighting improvements in unemployment and consumer spending, alongside potential regulatory changes from a proposed bill.

The cryptocurrency market experienced a significant surge on January 14, with Bitcoin's price soaring to $95,000 and Ethereum gaining 7%. This upward movement followed the release of favorable US inflation data, which eased market concerns and encouraged buying activity.