On January 14, Bitcoin experienced a remarkable surge, surpassing the $97,000 mark. This upward movement was largely influenced by the U.S. Supreme Court’s postponement of a significant tariff ruling, unprecedented inflows into exchange-traded funds (ETFs), and increasing macroeconomic tensions.
Bitcoin Approaches $100K as Supreme Court Delay Sparks Rally
The cryptocurrency soared past $97,000 on January 14 due to a volatile combination of judicial delays and record institutional investments. The rally gained momentum after the U.S. Supreme Court decided for the second time in one week to delay its decision regarding President Donald Trump’s reciprocal tariffs. Following a breakthrough above the $95,000 resistance level during the previous day’s trading session, Bitcoin capitalized on this late-session energy to achieve an impressive peak of $97,797—an increase of nearly 5%.
This latest price spike has led to nearly 7% gains over seven days for Bitcoin and pushed its market capitalization up to approximately $1.95 trillion. With it now so close to reaching that psychological milestone of $100,000, Bitcoin’s resurgence has also sparked greater risk appetite across other cryptocurrencies; most major altcoins recorded gains ranging from 3% to 6%, contributing to an overall crypto market cap rise of about 4%, bringing it close to $3.4 trillion.
The price increase resulted in a significant squeeze within the derivatives market where more than $372 million worth of short positions were liquidated compared with only around $28 million in long positions over just one day. In totality, almost $850 million in leveraged positions faced liquidation—with shorts bearing most losses.
While three opinions were released by the Supreme Court on Wednesday morning, their choice not to address tariff challenges stirred speculation among investors that they might be leaning towards upholding current trade policies under Trump’s administration. On Polymarket—a prediction platform—the likelihood that the court would rule favorably for Trump increased by twelve percentage points since January 7th; notably rising six percentage points following today’s ruling delay announcement.
A surge in institutional demand also played a crucial role during this period; reports indicated net inflows into spot ETFs reached an astounding figure of approximately $753.8 million on January 13—the highest single-day total since their inception! Among these top-performing funds were Fidelity’s FBTC with $351.4 million and Blackrock’s IBIT with $126.3 million reported net inflows respectively—signaling strong recovery from waning institutional interest observed at year-end last year.
For further reading: Bitcoin ETFs Experience Surge With $754 Million Inflow as Crypto ETFs Show Broad Gains
The backdrop against which these developments occurred is characterized by heightened macroeconomic friction bolstering perceptions surrounding digital gold narratives too! Recent criticisms directed at Federal Reserve Chairman Jerome Powell from President Trump during remarks celebrating third-quarter GDP growth have raised concerns regarding potential attempts by his administration aimed at undermining central bank independence—this follows closely behind news indicating investigations being conducted into Federal Reserve practices by none other than U.S Department Of Justice!
This convergence involving uncertainty around tariff rulings combined alongside record ETF influxes coupled with extraordinary executive pressure exerted upon Federal Reserve creates what can only be described as “perfect storm” conditions favorable towards cryptocurrency markets! As bullish momentum continues building up steam here—it seems increasingly probable we could witness first double-digit weekly gain coming outta’ bitcoin while reclaiming that elusive landmark threshold set forth earlier!
FAQ ❓
Why did bitcoin surge past $97K? Judicial delays along with record ETF inflows ignited this rally.
How much has bitcoin gained this week? Almost seven percent lifting its market cap upwards toward approximately$1 .95 trillion.
What impact did derivatives see? Over eight hundred fifty-million dollars’ worth leveraged positions got liquidated primarily driven through shorts predominantly!
Is bitcoin close enough now nearing hitting hundred thousand-dollar mark soon? Absolutely—as prevailing momentum indicates milestone lies well within reach!