JPMorgan drags down bank stocks, Bitcoin returns to 95K

Dragged down by JPMorgan’s weak stock performance, the three major U.S. stock indices retreated from their highs. Cryptocurrencies surged strongly, with the overall market cap increasing over 5% within 24 hours. Bitcoin briefly rose to $96,495 this morning, and Ethereum regained above $3,300. Indicators in the derivatives market are gradually warming up, which may trigger an acceleration after a breakout.

CPI below expectations, JPMorgan drags down bank stocks

The U.S. Consumer Price Index (CPI) came in below expectations. The December CPI report showed core CPI (excluding food and energy) increased by 0.2% month-over-month, with a 2.6% annual increase, lower than economists’ estimates of 0.3% and 2.8%. This further reinforced bond traders’ expectations that the Federal Reserve will delay interest rate cuts until mid-year. Even though Fed Chair Powell has already cut rates three times last year, the money market still predicts the next rate cut will not occur until mid-2026.

Despite JPMorgan’s revenue and profits exceeding expectations in Q4, its stock price still fell by 4.2%. The CFO hinted that the banking industry might oppose the proposal to set a cap of 10% on credit card interest rates, announced by Trump last Friday evening.

Influenced by U.S. President Trump’s intensified rhetoric against Iran, Brent crude oil experienced its largest four-day gain since June; silver also continued its recent rally, marking the best three-day consecutive increase in history. Japan may hold early general elections, which has kept the yen-dollar exchange rate near an 18-month low.

Bitcoin surpasses 95K, Ethereum back above 3,300 USD

Cryptocurrencies surged strongly, with the overall market cap increasing over 5% within 24 hours. The U.S. Senate Agriculture Committee rescheduled the review of the Cryptocurrency Market Structure Bill to January 27. The bill had been postponed multiple times before; this rescheduling indicates an acceleration in the legislative process.

Bitcoin briefly rose to $96,495 this morning, and Ethereum regained above $3,300.

Indicators in the derivatives market are gradually warming up. According to Deribit data, open interest in Bitcoin options has increased, with buyers outnumbering sellers. After breaking through 95K, market makers’ Gamma exposure has flipped to Short Gamma, which may trigger an acceleration after the breakout.

(Has the chip washout been completed? The key script for Bitcoin’s 2026 bull market restart)

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