Bitcoin traded flat at $88,739, stuck near $89,000 on weak ETF inflows.
Ethereum rose 1.45% to $2,989, while XRP fell 0.76% below $2 at press time.
In crypto news today, gold prices hit $5,200, Morgan Stanley filed for crypto ETFs, but Clarity Act uncertainty capped gains.
Crypto prices today, on January 28, showed mixed sentiments. Most major coins were on an uptrend. Bitcoin, XRP and TRON, on the other hand, struggled to find momentum. The contradictory trends reflected a market caught between short-term caution and optimism around upcoming US Fed decisions and tech earnings. The global market cap stood at $3.01 trillion, up by 0.42% at press time.
Here’s everything that happened in the crypto market today, based on CoinMarketCap data.
Bitcoin price traded at $88,739.25 with minimal movement. The world's largest cryptocurrency has been stuck in a tight range as spot ETF inflows dried up following heavy redemptions last week. The lack of fresh money flowing into Bitcoin ETFs has kept traders focused on short-term price gains instead of long-term investment. With thin market depth in crypto, Bitcoin's sideways action is setting the tone for the broader market.
CoinSwitch Markets Desk commented, “BTC edged higher, supported by a softer US dollar and improving short-term market structure. The dollar index fell to around 95.5, its weakest level in nearly four years, lowering the opportunity cost of holding risk assets and supporting BTC’s rebound from below $88,000 to around $89,300.”
CoinSwitch analysts further elaborated, “Downside pressure eased after BTC traded into and held the $86,000–$87,000 zone, where a dense cluster of leveraged long liquidations was likely triggered, reducing excess leverage and stabilizing short-term market structure.
The $88,000–$89,000 range offered limited resistance, allowing price to move higher as short-term momentum improved. However, as liquidity builds near $90,000–$92,000 and the Fed is expected to hold rates today, markets will also closely watch the Fed’s guidance.”
Ethereum price jumped 1.45% in the past 24 hours to reach $2,989.87, showing stronger momentum than Bitcoin. The second-largest crypto benefited from renewed interest in regulated crypto products, with firms like BlackRock and Fidelity making Ethereum easier to access through ETFs.
XRP price bucked the uptrend. Its price fell 0.76% to $1.89 while most other tokens gained. The drop came as new data revealed Ripple executives have sold roughly 58.5 billion XRP tokens since 2012.
According to on-chain analysis, Ripple Labs and its executives distributed approximately 58.515 billion XRP out of the original 100 billion token supply. Currently, Ripple's executives control about 41.485 billion XRP, with 34.185 billion still locked in escrow.
XRP earlier was trading above $1.90 before the selling pressure pushed it lower, as reported by crypto.news. The token's 24-hour trading volume reached $2.21 billion. However, buyers couldn't overcome the negative sentiment around the large token distribution.
Solana climbed 1.42% to $126.47, with its $71.59 billion market cap keeping it in sixth place. BNB gained 0.95% to $894.65, and Cardano was up by 0.46% at $0.3551, posting modest gains alongside other altcoins.
Dogecoin surged 0.85% to $0.1240, with over $1.12 billion in daily volume. Stablecoins Tether and USDC held steady near their $1 peg, as expected, maintaining price stability. TRON, however, followed XRP’s downtrend today, falling 0.91% to $0.2927.
Also Read: Bitcoin Faces Rising Downside Risks as Liquidity Drains and Selling Pressure Build in Late January
Here are the top global headlines that impacted crypto prices today.
Gold hit a new all-time high above $5,200 per ounce, pulling investor attention and capital away from Bitcoin and other crypto assets. Tom Lee from Fundstrat explained that gold is ‘sucking the oxygen out of the room,’ meaning big institutions have limited cash and are choosing gold over crypto right now.
Gold ETFs attracted more than $10 billion in the first half of 2025 according to a 99 Bitcoins report. The surge came as investors sought safety amid economic uncertainty created by Trump tariffs and the India-EU Free Trade Agreement.
Asian markets showed choppy action, keeping crypto traders cautious. The Hong Kong Hang Seng rallied 1.22%, and the Shanghai benchmark rose 0.21%. However, the SZSE Component slipped 0.10%. The mixed signals from Asian equities contributed to thin trading depth in crypto markets. This made it harder for Bitcoin and altcoins to break out of their current ranges.
Morgan Stanley created a new digital-asset strategy role. The financial and banking service provider’s long-time executive, Amy Oldenburg, would be leading the effort. The bank filed registration statements for Bitcoin and Solana ETFs in early January, showing traditional finance firms are pushing deeper into crypto.
Morgan Stanley also plans to offer crypto trading on its E-Trade platform in the first half of 2026. It would start with major coins including Bitcoin, Ethereum, and Solana. The bank's Global Investment Committee suggested crypto allocations of 2% to 4% for clients, calling Bitcoin ‘digital gold.’ This institutional push could support crypto prices today and in the future. Although the impact hasn't shown up in the markets yet.
The US Clarity Act remains stuck in the Senate after passing the House in July 2025. Bitwise CIO Matt Hougan warned that failure to pass the bill would leave the industry vulnerable to policy reversals by future administrations. Without legislative clarity, crypto's growth would depend on real-world adoption of stablecoins, tokenized securities, and blockchain infrastructure rather than policy expectations.
Coinbase withdrew support for the Clarity Act on January 14, citing concerns over tokenized equities, DeFi privacy, and stablecoin rewards. Reports suggest internal industry friction as lawmakers debate the bill's final form.
Markets are looking ahead to the Federal Reserve decision on Jan 28 and upcoming tech earnings. S&P 500 hit a fifth straight record close on Jan 27. Derivatives positioning has eased across crypto markets, with traders leaning toward short-term ranges until clearer catalysts emerge.
Also Read: BlackRock’s Ethereum Bet in 2026: Why They Stay Bullish
Capital is rotating from crypto to gold on the back of macroeconomic volatility. This, however, doesn't take away Bitcoin’s long-term value; it instead shows near term consolidation as investors flock towards stability. Once fear cools, money is expected to flow back into high-risk, high-reward assets like crypto. With institutional support rising in the form of regulated ETFs, optimism around upcoming US tech earnings, and the passing of the Clarity Act, investor sentiment is expected to improve soon.
1. How did Bitcoin price perform today?
Bitcoin has been trading in a tight range since new-fund inflows slowed, especially after recent spot ETF outflows. With little market activity and no major triggers, traders would rather take short-term positions rather than make big bets.
2. Why did Ethereum do better than Bitcoin today?
Ethereum rose as investors showed renewed interest in regulated digital currency products. ETFs backed by big companies such as BlackRock and Fidelity have made Ethereum easier to get into, boosting confidence even amid caution in the digital currency markets.
3. Why was the XRP price down today?
XRP fell after data showed Ripple executives sold a large number of tokens over time. This caused supply concerns and hurt how people felt about it, making buyers cautious, even though overall digital currency prices went up.
4. How did gold’s rally affect crypto prices today?
Gold’s record increase is siphoning funds from digital currencies. During tough times, big investors would rather buy safer assets such as gold, which can lead to fewer inflows into Bitcoin and other altcoins, though people remain hopeful in the long run.
5. What is the future outlook for crypto market?
Clear rules, renewed ETF inflows, less global worry, or kind words from the US Federal Reserve could improve market sentiment soon. Adoption by institutions through banks and trading platforms might also help digital currency prices rise later.
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