Bitcoin price rises to $95k, traders cautious ahead of US inflation, impacting potential market stability

From Investing.com

January 14, 2025 01:09:28 AM:

Bitcoin rose 1% to $95,374.2, rebounding from a session low of $89,664.8 on Monday. Traders are cautious ahead of the U.S. inflation report, as a higher reading may reinforce the Federal Reserve’s hawkish stance, potentially impacting Bitcoin. Higher interest rates could lead to a stronger U.S. dollar and reduced liquidity in financial markets.

Tether, the largest stablecoin issuer, plans to move its headquarters to El Salvador, aligning with the country’s push to become a cryptocurrency hub. Tether’s stablecoin offers stability by pegging to traditional currencies, facilitating seamless fund transfers between different cryptocurrencies. El Salvador’s adoption of Bitcoin as legal tender has boosted its reputation as a crypto-friendly destination.

In the broader cryptocurrency market, most altcoins followed Bitcoin’s upward trend, but gains were limited as traders remain cautious. Ether fell 2% to $3,162.02, while Binance Coin rose 0.7% to $2.5271. Cardano edged 0.8% higher, Solana rose 1%, and Dogecoin gained 0.4%. Among meme tokens, Shiba Inu jumped 4%.

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