Bitcoin holds near $89,875 while XRP slips below $2 and top altcoins trade in the red zone.
Coinbase backs out of US crypto bill, VP warns provisions would hurt everyday users.
Bank of Japan holds rates, Trump floats ‘Board of Peace’ at Davos as BitConnect arrests surface in India.
Crypto prices today show a mixed picture. Top cryptocurrencies like Bitcoin and TRON showed strength, seeing marginal gains, while most altcoins, including Ethereum, went on a downtrend. The global crypto market cap stood at $3.03 trillion, down by 0.43% at press time. The markets are reacting to global news. Japan’s rate hold, Trump crypto moves, and BitConnect crypto fraud arrests in India all dampened the investor sentiments.
Here is everything that happened in the crypto market today based on CoinMarketCap data.
Bitcoin price was up 0.04% in the last 24 hours. The world’s largest crypto by market cap traded at $89,874.77. Its market capitalization stood at $1.79 trillion. The token's 5.61% weekly gain shows continued strength. BTC’s daily trading volume reached $34.11 billion.
CoinSwitch Markets Desk said, “ BTC is consolidating just below the $90,000 mark after rebounding from the $88,600–$88,800 demand zone, which continues to act as a key support area. While the move higher has stalled due to near-term supply pressure, driven by over 17,000 BTC flowing to exchanges on Jan. 20–21. Also, price holding near $90,000 suggests underlying conviction remains intact despite broader risk-off sentiment.”
The crypto exchanges’ analysts further explained, “Continued strength in gold, now approaching the $5,000 mark, alongside silver breaking above $96, once again highlights the market’s preference for hard assets due to geopolitical uncertainty. Structurally, as long as BTC holds above $89,000, price action favors consolidation over trend reversal. A decisive break above $90,000 could unlock upside, with sizable short-side liquidity stacked between $90,000–$92,000 and extending toward $93,000–$94,000.”
Most major cryptocurrencies showed bearish signals today. Ethereum price fell 1.37% to $2,975.19 over the past 24 hours. Solana price has dropped 1.04% to $128.74, despite showing strong weekly performance with a 9.54% increase.
XRP price went down 1.60% to $1.91. Cardano is also in the red zone, falling 0.39% to $0.3633. Meanwhile, Dogecoin declined 1.13% to $0.1255. BNB price dipped 0.03% at $891.32.
TRON stands out as one of the few gainers in crypto prices today, rising 3.41% to $0.3097. Stablecoins showed minimal movements. Tether traded at $0.9987 and USDC at $0.9996. maintaining its position as the fourth-largest cryptocurrency.
Also Read: Crypto Prices Today: Bitcoin Price Near $90K, XRP Drops Below $2, Ethereum at $3,016
Here are the top global cues impacting crypto prices today.
Coinbase withdrew its support for the US crypto bill, citing ‘fatal flaws’ that would harm everyday users. Coinbase VP of US Policy Kara Calvert revealed the company identified dealbreaker provisions just hours before a scheduled markup.
The primary concern involves language that would effectively eliminate rewards for customers holding a balance. Calvert argued this hurts affordability for regular Americans. The exchange also opposed provisions that would strip the SEC of its exemptive relief authority, which allows new technologies to evolve under current rules.
"When you're looking down the barrel of a gun, you don't pull the trigger," Calvert said, defending the decision to walk away from hostile amendments. Despite this setback, industry insiders are optimistic that legislation can pass before the November midterms.
The Bank of Japan held its benchmark interest rate at 0.75%, impacting crypto prices today, according to a Yahoo Finance report. Bitcoin showed no immediate reaction. However, the evolving macro landscape in Japan poses structural risks.
The core concern centers on yen-funded carry trades. For years, investors have borrowed in low-yielding yen to finance positions in higher-yielding assets, including cryptocurrencies. As the BOJ signals continued policy normalization, the risk of sudden unwinding grows.
A sharp yen appreciation could force leveraged investors to liquidate risk assets to cover yen-denominated liabilities. Historical precedent exists from August 2024, when Bitcoin dropped sharply as yen carry trades unwound amid BOJ rate hike speculation.
The BOJ raised its real GDP growth forecasts to 0.9% for fiscal 2025. It also upgraded its core inflation forecast to 3.0%, signaling persistent inflationary pressures. December headline inflation came in at 2.1%, for the 45th consecutive month above the BOJ's 2% target.
Geopolitical developments at the World Economic Forum in Davos are creating ripples that could affect crypto prices today and in the coming weeks. President Trump's announcement of a ‘Board of Peace’ and his framework deal with NATO over Greenland initially raised concerns about global stability. Although he later withdrew tariff threats on European nations.
Ukrainian President Zelensky criticises that Europe remains in ‘Greenland mode’. Thus, it highlights ongoing uncertainty in international relations. Such geopolitical tensions typically drive investors toward safe-haven assets, which have historically benefited Bitcoin and other major cryptocurrencies during periods of global instability.
Trump's warning that the US would retaliate if European countries sell US stocks and bonds adds another layer of uncertainty. Such economic warfare could push institutional investors to diversify into alternative assets like Bitcoin, potentially supporting crypto prices in the medium term.
The meeting between Trump and Zelensky, followed by announcements of trilateral talks between the US, Russia, and Ukraine in the UAE, shows potential steps toward de-escalation. However, Zelensky's stark criticism of European inaction and his comparison of Putin to Venezuela's Maduro doesn’t bode well for crypto markets.
India's Enforcement Directorate arrested two individuals in connection with the BitConnect crypto fraud case. They also found assets worth approximately Rs. 2,170 crore attached or frozen. The BitConnect scheme, one of the largest alleged crypto frauds globally, falsely claimed to use a proprietary trading bot generating returns up to 40% per month.
Between November 2016 and January 2018, BitConnect ran a fraudulent lending program targeting investors worldwide. Investigators found that investor funds were never used for trading but diverted to digital wallets controlled by the accused. The case also involves kidnapping and extortion, where 2,254 Bitcoins and Rs 14.5 crore in cash were allegedly extorted.
Also Read: Crypto Market Structure Bill Faces New Delay as Senate Targets Housing Reform
Crypto prices today reflected cautious sentiment. Investors took into account regulatory uncertainty and geopolitical tensions. Bitcoin price’s resilience above $89,000 offers some stability. Most altcoins, however, face selling pressures. Japanese monetary policy developments and ongoing legislative debates in the US will be key factors influencing market direction in the coming weeks.
1. Why is Bitcoin price up today?
Bitcoin's staying put because lots of investors think it's the safest bet in crypto when things get shaky. When there's news about regulations, interest rates, or world tensions, cash tends to flow out of riskier altcoins and into Bitcoin, which helps keep it stable.
2. Why are altcoins down today?
Altcoins are on a downtrend because people are worried about regulations in the US and the shaky global economy. News about crypto laws makes traders nervous, so they often sell off the smaller coins first to cut back risk.
3. How do US crypto regulations impact prices?
Crypto prices change fast when there's regulatory news. When exchanges like Coinbase get worried about new laws, investors start fearing restrictions. This can make people lose trust, which leads to quick sell-offs across the market.
4. Why does Japan's interest rate matter for crypto?
Japan's low interest rates mean people can borrow yen cheaply to invest in crypto. If rates go up or the yen gets stronger, investors might dump their crypto fast to pay back those loans, causing prices to fall.
5. What’s the update on the BitConnect crypto case?
BitConnect was a huge crypto scam that promised returns that were way too high to be real. The people who run things found that investor money was used in the wrong way. It's a reminder to stay away from projects that promise guaranteed profits or sound too good to be true.
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