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Cryptos end week with a whimper, stocks rally despite another hot inflation reading

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2 years ago

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Cryptos end week with a whimper, stocks rally despite another hot inflation reading

(Kitco News) – The cryptocurrency market ended the week with a whimper as Bitcoin (BTC) continued to consolidate near support at $64,000 while most altcoins recorded slight losses. 

 

The weakness comes as the Federal Reserve’s preferred inflation gauge – the core Personal Consumption Expenditures (PCE) index – showed that inflation remains higher than preferred, rising 2.8% over the prior year in March, above estimates for 2.7% 

 

Stocks rallied despite yet another inflation reading coming in hotter than expected as the earnings reports from Alphabet and Microsoft spurred hopes of a Big Tech rally for investors. 

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At the closing bell, the S&P, Dow, and Nasdaq finished higher, up 1.02%, 0.40%, and 2.03%, respectively. The DXY gained 0.41% in response to the PCE report, and trades at 106.02 at the time of writing, while the U.S. 10-year Treasury yield fell by 88 basis points to 4.665%. 

 

Data provided by TradingView shows that Bitcoin traded in a range between $63,300 and $64,825, with bulls and bears evenly matched for strength. 

 

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BTC/USD Chart by TradingView

 

At the time of writing, Bitcoin trades at $63,970, a decrease of 1.27% on the 24-hour chart. 

 

Coin toss for Bitcoins future

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“After a nice reaction from the $62.8k area yesterday, Bitcoin pushed back towards the Weekly Open at $65k,” said Market analyst CryptoChiefs. “This continues to be strong resistance as still we have not seen any 4-hour candle close above it. This is a big level to flip, but just above that we also have strong downtrend resistance.” 

 

 

“The orange trendline has been resistance for almost 3 weeks, so keep an eye on the reaction if this is tested,” he said. “Any further move down from here, the DM VAL has yet to be tested.”

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According to market analyst Castillo Trading, it’s currently 50/50 whether the crypto market will head lower or climb higher from here, but he will personally be buying any dips. 

“I am okay with this market boring participants out of it. That seems to be the point before we see big moves higher,” he added. “The fact we haven’t broken down is a sign of stability to me. Support is acting as support.”

 

And according to MN Trading Founder Michaël van de Poppe, the boring price action for Bitcoin could continue for the next three to six months, which means that the altcoin market could see an increase in activity. 

Altcoins end the week lower

 

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The vast majority of tokens in the top 200 recorded losses on Friday after the hotter-than-expected inflation reading prompted many traders to reevaluate their risk exposure. 

  

Daily cryptocurrency market performance. Source: Coin360

 

Rising despite the widespread downturn was BinaryX (BNX), which gained 18.5% to trade at $1.06, while Helium (HNT) climbed 7.35%, and Neo increased 6.7%.  A 14.3% pullback for cat in a dogs world was the biggest loss on the day, followed by declines of 9.8% for Arweave (AR) and Pendle (PENDLE). 

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The overall cryptocurrency market cap now stands at $2.36 trillion, and Bitcoin’s dominance rate is 53.4%.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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Crypto

Arthur Hayes Outlines Conditional Bitcoin Bull Case Tied to Fed Balance Sheet

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January 29, 2026

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Arthur Hayes Outlines Conditional Bitcoin Bull Case Tied to Fed Balance Sheet
Bitcoin’s next major move hinges on central bank balance sheets, with Arthur Hayes arguing that liquidity expansion, currency stress and bond market distortions could mechanically lift crypto prices regardless of short-term sentiment.
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Exclusive: White House set to meet with banks, crypto companies to broker legislation compromise

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12 hours ago

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January 28, 2026

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Exclusive: White House set to meet with banks, crypto companies to broker legislation compromise

Jan 28 (Reuters) – The White House on Monday will meet with executives from the banking and cryptocurrency industries to discuss a path forward for landmark crypto legislation which has stalled due to ​a clash between the two powerful sectors, said three industry sources.

The summit hosted by the White House’s crypto council ‌will include executives from several trade groups. It will focus on how the bill treats interest and other rewards crypto firms can dish out on customer holdings of dollar-pegged tokens known as stablecoins, the people said.

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The White House meeting could help the industries, which have been fighting head-to-head over the bill, reach a compromise, and underscores how keen President Donald Trump’s administration is to get the legislation across the line. Trump courted crypto ‌cash on the campaign trail, promising to promote the adoption of crypto assets.

Reuters was first to report ​the meeting.

The White House did not immediately respond to a request for comment. The sources declined to be identified discussing private policy discussions.

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Summer Mersinger, CEO of the Blockchain Association which represents crypto giants including Coinbase (COIN.O), opens new tab, Ripple and Kraken, said in a statement the group ‍is “proud to participate in next week’s meeting.”

“We look forward to continuing to work with policymakers across the aisle so Congress can advance lasting market structure legislation and ensure the United States remains the crypto capital of the world,” she said.

Cody Carbone, CEO of The Digital Chamber, another major crypto trade group, credited ⁠the White House with “pulling all sides to the negotiating table.”

The Senate has for months been working on the bill, dubbed the Clarity ‍Act, which aims to create federal rules for digital assets, the culmination of years of crypto industry lobbying. Crypto companies have long argued that existing ‌rules are ‌inadequate for digital assets, and that legislation is essential for companies to continue to operate with legal certainty in the U.S.

The House of Representatives passed its version of the bill in July.

The Senate Banking Committee was scheduled earlier this month to debate and vote on the bill, but the meeting was postponed at the last minute, in part due to concerns among lawmakers and both industries over the interest ⁠issue.

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There were also disagreements among Republicans ⁠about the bill’s stablecoin provisions, ​according to two other people with knowledge of the discussions, and senators leading the effort bill were concerned that it would not get enough votes to advance.

Crypto companies say providing rewards such as interest is crucial for recruiting new customers and that barring them from doing so would be anti-competitive. ‍Banks say the increased competition could result in insured lenders experiencing an exodus of deposits — the primary source of funding for ⁠most banks — potentially threatening ⁠financial stability.

A report from Standard Chartered on Tuesday estimated that stablecoins could pull around $500 billion in deposits out of U.S. banks by the end of 2028.
The provision at issue stems from ​a law passed last year which created a federal regulatory framework for stablecoins, potentially paving ‍the way for greater stablecoin adoption.

That bill prohibited stablecoin issuers from paying interest ‌on ‌cryptocurrencies, but banks say it left open a loophole that would allow for third parties – such ​as crypto exchanges – to pay yield on tokens, creating new competition for deposits.

Reporting by Hannah Lang in New York; Editing by Chizu Nomiyama

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Crypto

XRP Positions as Institutional Rail While RLUSD Enters Real-World Finance

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1 day ago

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January 28, 2026

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XRP Positions as Institutional Rail While RLUSD Enters Real-World Finance
XRP is cementing its role in live institutional payment infrastructure as Ripple’s RLUSD anchors regulated stablecoin settlement, signaling blockchain rails are now trusted, production-grade systems for global liquidity, cross-border payments, and high-value financial flows.
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