First Mover Americas: BTC Holds Steady After Struggling to Break $90K Barrier

Crypto Markets Digest: November 13, 2024

Market Rundown

Here’s the latest on crypto price action and key developments shaping market trends today.

Market Performance:

• CoinDesk 20 Index: 2,598.80 (-1.86%)
• Bitcoin (BTC): $87,804.73 (-0.04%)
• Ether (ETH): $3,166.56 (-3.78%)
• S&P 500: 5,983.99 (-0.29%)
• Gold: $2,611.13 (flat)
• Nikkei 225: 38,721.66 (-1.66%)

Bitcoin Stalls Below $90K

Bitcoin’s unprecedented rally has hit a ceiling just shy of $90,000. After briefly touching $90,100 on Tuesday, the cryptocurrency dipped as low as $86,200 during European trading hours before recovering to settle near $87,500—a 2.65% decline from its recent peak.

Altcoins have shown sharper losses. Ether (ETH) is down 3.6%, while Solana (SOL) shed 2.8% over the past day. Overall, the CoinDesk 20 Index slipped 1.4%, reflecting broader market softness.

Inflation Report Could Shake Markets

Traders are bracing for October U.S. consumer price index (CPI) data, set to be released at 8:30 a.m. ET. Analysts expect a 2.6% year-on-year increase, ending a six-month streak of cooling inflation.

Inflation releases have historically caused swings in Bitcoin prices. For instance, the cryptocurrency plunged 7.5% on January 12 when December’s CPI reading surpassed expectations. A higher-than-expected print today could dampen bullish sentiment across risk assets.

DOGE Buzz Builds Momentum

President-elect Donald Trump confirmed the establishment of the Department of Government Efficiency (DOGE), helmed by Elon Musk and Vivek Ramaswamy. The department aims to overhaul bureaucratic inefficiencies, a move celebrated for its symbolic nod to the meme-inspired Dogecoin.

Dogecoin has soared nearly 250% in the past month, driven by the renewed attention and speculation. The token now sits at levels last seen in 2021, with traders targeting $1 as a long-term goal.

Market Liquidity Boost

Data from Glassnode shows a surge in USDT stablecoin issuance, signaling robust market liquidity. Analysts interpret this as a bullish indicator, with plenty of capital ready to fuel the next leg of the crypto rally.

Final Thoughts

As Bitcoin consolidates below $90,000 and inflation data looms, traders are preparing for potential turbulence. Meanwhile, Dogecoin’s remarkable resurgence highlights the continuing influence of cultural and narrative-driven trading in the crypto world.