From Investing.com

January 15, 2025 3:00:20 pm:

The United States reported a higher-than-expected Consumer Price Index (CPI) for December, with a monthly increase of 0.4% and an annual rate of 2.9%, the highest since July 2024. The markets, including cryptocurrencies, reacted positively, with prices surging up to 3.5% in just minutes.

Short positions worth $250 million were liquidated within 24 hours after the CPI release, with $87.23 million coming from bear investors. Bitcoin, Ethereum, and XRP were top contributors to this liquidation, with XRP alone liquidating over $14 million in shorts.

With major monetary policy events for January already behind us, upcoming changes in U.S. administration and the resignation of the current SEC chairman could introduce new dynamics to cryptocurrencies like Bitcoin, Ethereum, and XRP. Investors are left speculating on whether bullish or bearish trends will dominate in the coming weeks.

Read more at Investing.com: Bitcoin and XRP Lead Bear Massacre By U.Today