Cryptocurrency News: Bitcoin and cryptocurrency prices mounted an early rally Wednesday as Consumer Price Index (CPI) data for December showed that core price pressures eased more than expected.
Bitcoin jumped near $99,000 early Wednesday from its Tuesday level around $96,000.
Crypto prices traded lower Monday as the sell-off on the December jobs report and a jump in inflation expectations extended through the weekend. BTC fell near $90,000 early Monday.
Last week, spot bitcoin ETFs on Wednesday recorded nearly $569 million in outflows, marking the second-largest total since their January 2024 launch. The Fidelity Wise Origin Bitcoin ETF led with $258.7 million in outflows, followed by the iShares Bitcoin Trust ETF at $124 million in outflows. The bitcoin ETFs on Dec. 19 saw almost $672 million in outflows, the highest total on record.
Elsewhere, H.C. Wainwright early in the month hiked its 2025 bitcoin price target to $225,000 from $145,000, as 2024 set the stage for a "significant bull market."
After starting December with a jump above the $100,000 threshold on Dec. 5, then rising past $107,000 on Dec, 16, bitcoin slumped to just below $93,000 on Dec. 23. It has since swung in a range of roughly $94,000 to $99,000 to end the year. In general, digital assets rallied since the November U.S. election, gaining ground as President-elect Donald Trump adds details to his view of a pro-cryptocurrency policy.
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Bitcoin on Dec. 17 hit a record $108,319 as it continued trading far above the prior March 14 record of $73,798.
The world's largest cryptocurrency rebounded about 157% in 2023, and soared about 119% in 2024.
Ethereum on Dec. 16 hit a high of $4,721 to top its previous 52-week high from March. On Monday, it traded at $3,730, putting the No. 2 cryptocurrency up roughly 12% in January. Ethereum advanced about 46% in 2024, but remains well below its November 2021 peak above $4,800.
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Digital asset investments are extremely volatile. While cryptocurrency's fundamentals and technical indicators may differ, investors should focus on the same key objectives. First, stay protected by learning when it's time to sell, cut losses or capture profits. Second, prepare to profit if the cryptocurrency starts to rebound.
Despite their original promise, cryptocurrencies haven't acted as hedges against inflation. Instead, they've trended with the broader indexes. Read The Big Picture and Market Pulse to track daily market trends.
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