Why is the cryptocurrency market rising today?

The cryptocurrency market is back on the rise, with its total value reaching $3.57 trillion After an increase of 2.5% In the last 24 hours. Bitcoin, the largest cryptocurrency, is leading the recovery, trading at $101,380. Other major coins, including XRP, Solana, and Dogecoin, also saw strong gains of 8.5%, 7%, and 3.8%, respectively.

CPI report brings optimism

The recent rise in cryptocurrency prices comes after the release of the US Consumer Price Index (CPI) report for December. the The report showed an increase of 0.4%Slightly higher than expected 0.3%. Compared to last year, the CPI increased by 2.9%, matching expectations. These figures indicate that inflation is still a problem, but the steady improvement has reassured investors.

Litecoin ETF May Get Approval

Litecoin is getting attention like the Nasdaq Filed for Litecoin ETF. This follows updated comments from the US Securities and Exchange Commission (SEC). Experts believe that the chances of approval are now higher, creating excitement in the market.

Bitcoin ETFs are seeing strong inflows

Bitcoin exchange-traded funds (ETFs) are seeing strong demand. On January 16, Bitcoin ETFs hit a record high Inflows worth $626.1 millionafter A Inflows worth $755 million The day before. BlackRock, one of the leading asset management companies, contributed $527.9 million to this increase. These inflows show increased interest in Bitcoin after days of outflow.

Liquidations push prices up

The rise in cryptocurrency prices was followed by a wave of liquidations in the derivatives market. more $326 million value of positions It was liquidated in the last 24 hours, with $182 million in short positions. This meant that traders who were betting against the market had to close their trades. Binance recorded the largest single liquidation at $6.09 million.

Bitcoin remains strong above $100,000

Bitcoin has managed to maintain its position above the critical level of $100,000, which is a psychological support level that enhances investor confidence. Many analysts believe that this stabilization could aim to reach $105,000 if buying pressure remains constant.