The crypto market experienced a bullish 24 hours following a soft U.S. core inflation report. However, the momentum has since slowed. Crypto traders are now focusing on President-elect Donald Trump’s inauguration and potential pro-crypto actions. Some anticipate bitcoin reaching new highs, while others expect at least 10% price swings in major cryptocurrencies like XRP, SOL, ETH, and BTC. On Polymarket, the probability of the U.S. holding BTC as part of a strategic reserve has risen to 50%. Bitwise, a San Francisco-based crypto asset management firm, has provided information about bitcoin ETFs to a nation-state, supporting the narrative of sovereign BTC adoption. Meanwhile, speculation suggests SEC commissioners Hester Peirce and Mark Uyeda might revisit crypto policy soon. Treasury nominee Scott Bessent’s confirmation hearing could influence markets, especially if he emphasizes tariffs, potentially causing a dollar rally and affecting BTC’s gains.
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