Why is the crypto market rallying today? (Jan. 14)
The crypto market cap rose 4.5% over the past 24 hours to $3.35 trillion on Wednesday as Bitcoin and other major altcoins reacted to cooler inflation data and positive regulatory developments.
Summary
- Crypto prices surged on Wednesday as more than $591 million in short positions were liquidated across the market.
- Cooler inflation data and developments surrounding U.S. crypto regulation improved market sentiment.
Bitcoin (BTC) price rose 4.5% to a two-month high of $95,800 earlier today before stabilizing below $95,000 at press time.
Ethereum (ETH), the largest altcoin in the market, outpaced Bitcoin with gains of 6.7%, while other large-cap crypto assets such as XRP…
