From cointelegraph by William Suberg
Bitcoin fell further beneath $100,000 after the Jan. 16 Wall Street open as markets shook off a US unemployment overshoot.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD targeting $97,000, down nearly 3% after the week’s initial jobless claims.
These came in above median estimates at 217,000 versus 210,000, respectively, suggesting that labor market health was slightly weaker than expected.
The increase was not a major one, however, and stocks remained stable at the US open after marked gains the day prior.
“Global markets rallied last night after a weaker-than-expected CPI report eased fears of rising inflation. BTC jumped 4.13% to a high of $100.8K before stabilising just below the $100K milestone,” trading firm QCP Capital summarized in a post to Telegram channel subscribers.
“The same level of optimism was also seen in equities as S&P 500 rose 1.83% and Nasdaq gained 2.27%.”
QCP noted what it called “staggering” capital inflows to the US spot Bitcoin exchange-traded funds, or ETFs, which totaled $755 million for Jan. 15.
“The swift recovery in inflows reflects strong institutional demand and suggests an exciting outlook for crypto,” it continued.
While Bitcoin returned to the $100,000 mark for the first time in over a week, however, It was altcoins that stole the show, led by new all-time highs for XRP