U.S. stocks hit new highs again, BTC consolidates sideways, MicroStrategy buys more Bitcoin

The S&P 500 index hits a new high again, and investors do not seem to be affected by the Department of Justice’s criminal investigation into Federal Reserve Chairman Powell. Bitcoin is consolidating in the 90K~93K range, and MicroStrategy (Strategy) once again demonstrates diamond hands confidence by purchasing over 13,627 Bitcoins. JPMorgan’s Q4 earnings report will be released before the opening of U.S. stocks on Tuesday (1/13), kicking off a series of quarterly reports from major financial institutions. Today will also see the release of the December Consumer Price Index (CPI).

Greenspan, Bernanke, and Yellen support Powell

U.S. stocks were under pressure early in the session as Federal Reserve (Fed) Chair Jerome Powell (Jerome Powell) confirmed that federal prosecutors have launched a criminal investigation into his testimony before the Senate Banking Committee regarding the renovation of the Federal Reserve building. This move not only caused turbulence in the financial markets but also brought the Fed’s long-standing independence back into the spotlight.

(U.S. Federal Reserve Chair Powell Under Criminal Investigation! Responds: Political Threats Under the Law)

On Monday, several former Fed chairs, Treasury secretaries, and renowned economists gathered to support Fed Chair Powell. In their statement, they described the criminal investigation as an unprecedented attempt to undermine the Federal Reserve’s independence through prosecutorial attacks.

Signatories of this statement include former Fed Chair Ben Bernanke (Ben Bernanke), Janet Yellen (Janet Yellen), Greenspan (Alan Greenspan), as well as former Treasury Secretaries Henry Paulson, Timothy Geithner, Robert Rubin, and Jacob Lew.

U.S. bank earnings season begins

JPMorgan’s Q4 earnings report will be released before the market opens on Tuesday (1/13), marking the start of a series of quarterly reports from major financial institutions. Other key banks such as Bank of America, Citigroup, and Morgan Stanley will also release their earnings in the coming days.

U.S. President Trump called for setting the maximum credit card interest rate at 10% for one year, putting pressure on bank stocks.

(Trump Calls for Credit Card Interest Rate Cap at 10%, Why Are Consumer Rewards Disappearing?)

The December Consumer Price Index (CPI) will also be released on Tuesday. Market expectations are that overall inflation will remain stable, while core CPI may see a slight increase.

BTC consolidates sideways, MicroStrategy buys more Bitcoin

Bitcoin is consolidating in the 90K~93K range, and MicroStrategy (Strategy) once again demonstrates diamond hands confidence by purchasing over 13,627 Bitcoins. According to an 8-K filing submitted to the U.S. Securities and Exchange Commission on Monday, Strategy acquired an additional 13,627 Bitcoins between January 5 and January 11, at an average price of $91,519 per Bitcoin, totaling approximately $1.25 billion. Strategy currently holds 687,410 BTC, worth about $62.3 billion, with an average purchase price of $75,353 per Bitcoin, and a total cost of around $51.8 billion.

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