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Cryptocurrency News Articles

The Crypto Market Treads Water as Bitcoin Takes a Breather

Jan 31, 2025 at 08:00 pm

The crypto market is treading water and the biggest cryptocurrency, bitcoin, is taking a bull breather. Its upward momentum is getting stifled by Trump's

The Crypto Market Treads Water as Bitcoin Takes a Breather

All times ET unless indicated otherwise

The crypto market is treading water on Thursday morning. The biggest cryptocurrency, bitcoin, is taking a bull breather after its strong rally this week, which saw the BTC price hitting new record highs above $104,000.

Its upward momentum is getting stifled by Trump's renewed tariff threats, which are also sending gold prices soaring to record highs and propping up demand for the U.S. dollar.

However, there is some action in certain corners of the market. The VIRTUAL token (VTL) popped by 17% after its recent listing on South Korean crypto exchange Upbit. Another币, Hyperliquid (HYPE), saw a 3% gain.

Litcoin (LTC) is also making waves, with its perpetual futures open interest on centralized exchanges climbing to 5.19 million LTC, the most since Dec. 9. Surges in the perpetual futures market can indicate fresh capital flowing into the market, especially with hopes of a spot ETF listing in the U.S.

Speaking of stablecoins, USDC is stealing the spotlight as the star performer this month, boasting a remarkable market cap growth of 21% to $53.12 billion. That's its best month since May 2021, according to TradingView data.

In contrast, USDT, the heavyweight champion of dollar-pegged stablecoins, eked out just a 1% increase. USDC even outperformed bitcoin, which grew a respectable 10%.

According to IntoTheBlock, USDC's outperformance is likely due to its compliance with Europe’s MiCA regulations, while rivals like USDT face tough headwinds.

But don’t count USDT out just yet. Its market is starting to bounce back, and the simultaneous growth of USDC is offering a bullish impulse for the crypto market at large.

As we keep an eye on the macro landscape, the pivotal U.S. core PCE — the Fed’s go-to measure for inflation — is set to be released. Expectations are for a hot headline figure, with the core reading, which excludes food and energy, showing positive improvements that might help BTC break out of its dull price action near $104,000.

However, ING is cautioning that the dollar might stay strong into the weekend.

“If we don't receive any news on Canada and Mexico by the end of today, there's a risk that the dollar could strengthen further as the market starts to price in a higher chance of tariffs being announced tomorrow,” it wrote. So, stay alert!

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