Hassan Maishera
TL;DR
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BTC is having a positive start to the year, hitting the $93k level a few hours ago.
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The rally comes amid the United States' operation in Venezuela.
BTC Rallies to $93k
The cryptocurrency market is having a positive start to the year, with Bitcoin’s price adding roughly 3% to its value in the last seven days. The rally has seen Bitcoin cross the $90k barrier and briefly top the $93k level a few hours ago.
At press time, BTC is trading above $92,500 and could rally higher in the near term. Min Jung, research associate of Presto Research, pointed out that Bitcoin’s rally aligns with the rally by the broader financial markets.
"The first week of the new year often sees fresh positioning from investors, and bitcoin is likely being viewed as an attractive entry point at current levels. Traders are also closely monitoring geopolitical developments, which remain a key source of potential volatility across global markets," Jung added.
The rally comes as the United States conducted an operation in Venezuela over the weekend, capturing Former Venezuelan President Nicolás Maduro and his wife. They were brought to the U.S. and will appear in federal court at noon on Monday, according to a spokesperson for the U.S. District Court in the Southern District of New York.
President Trump said in a Saturday press conference that the U.S. would "run" Venezuela temporarily during the transition, and "get the oil flowing." He said Sunday the U.S. was "in charge" of Venezuela.
However, Secretary of State Marco Rubio signaled on Sunday that the U.S. doesn't plan to directly govern Venezuela, but will continue to enforce an "oil quarantine" as part of a plan to influence policy.
Altcoins Rally Higher
With Bitcoin hitting $93k, altcoins also rallied higher. Ether, the second-largest cryptocurrency by market cap, is trading above $3,150 per coin after adding 0.5% to its value.
Bitcoin Cash (BCH) and Hyperliquid (HYPE) are the top performers among the top 20 cryptocurrencies by market cap. With the current rally, the total crypto market cap has now topped $3.15 trillion.
