The world of cryptocurrencies is recovering. Ethereum (ETH) remains at US$3.2000 while an altcoin associated with Donald Trump, in advance of his inauguration, advances 10%.
Cryptocurrencies are showing signs of recovery after recent falls, this Tuesday, November 14. Bitcoin (BTC), according to Binanceregisters an increase of 6% in the last 24 hours, reaching US$96,300, although it still remains below the annual maximum of US$102,000. As to ethereum (ETH), Its price remains at US$3.2000 while an altcoin associated with Donald Trump, in advance of his inauguration, advances 10%.
This altcoin is Dogecoin, which although it is more common to link it to Elon Musk, the businessman’s closeness to the president in Asuncion is notable. That is why in the last 24 hours, it is the one that has advanced the most of the main 20. In addition, Chainlink (9.6%), Ripple (9.4%) and Hedera (9%) also stand out.
This adjustment in the market follows the publication of positive macroeconomic data in the United States, exceeding expectations. One of the most relevant, December employment reporte, indicated a more robust labor market than anticipated, with the creation of more than 250,000 jobs, 90,000 more than expected.
The outlook for rates, in the sights of investors
This panorama has led analysts to predict that the Federal Reserve (Fed) will be less flexible with interest rates than was expected. In particular, the Fed halved, up to 50 basis points (bp), its forecast of rate cuts for 2025, considering the possible inflationary effects of the policies of the new Donald Trump Government. The December inflation report, which will be published on January 15, could further increase these fears if it shows surprisingly high numbers.
However, not everyone shares this optimism. While Goldman Sachs and JP Morgan continue to bet on cuts in 2025, Bank of America (BofA) sees risks leaning towards a prolonged pause or even further rate hikes. Analysts point to rising US 10-year bond yields, which have risen 100 bps since the Fed cut in September, and the stronger dollar as signs of tighter monetary policy.
Other key news for the crypto world
In the business field, MicroStrategy increased its bitcoin reserves for the tenth consecutive week. The software and BTC firm, led by Michael Saylor, acquired 2,530 BTC for $243 million in the week of January 12, bringing its total holding to 450,000 BTC.
On the other hand, Sony launched Soneium, a general-purpose blockchain platform. Developed by Sony Block Solutions Labs, a collaboration between Sony Group and Startale Labs, this Layer 2 network on Ethereum is designed to support an ecosystem of applications in gaming, finance and entertainment, highlighting the growing interest of technology companies in the chain of blocks.
Finally, Tether, the company behind the USDT stablecoin, also announced its decision to move its headquarters and that of its subsidiaries to El Salvador, after obtaining the necessary licenses to operate in the country. Its CEO commented that this decision is a natural step to strengthen its focus on emerging markets and foster collaboration.
Source: Ambito
I’m a recent graduate of the University of Missouri with a degree in journalism. I started working as a news reporter for 24 Hours World about two years ago, and I’ve been writing articles ever since. My main focus is automotive news, but I’ve also written about politics, lifestyle, and entertainment.
