Bitcoin opened 2026 on firm footing, trading near $93,700 on Tuesday, up about 1% over 24 hours and more than 7% since Jan. 1. Ether climbed nearly 2% to $3,224 and is up roughly 9% over the same stretch. XRP led large-cap tokens, rising almost 13% in a day to $2.40 and nearly 29% on the week. Solana gained 12% over the past week, while DOGE added about 23%.
Year-end tax selling pressure has eased
The rebound follows weak price action late in December, when tax-related selling and year-end book cleanup limited upside, especially during U.S. trading hours. U.S.-based holders were reported to have sold crypto positions at a loss to offset capital gains and reduce tax liabilities. That pattern is common at year-end, particularly in assets that lagged earlier winners.
With that selling pressure fading, room opened for a bounce. In a Monday market update, Singapore-based QCP Capital said crypto’s correlation with broader risk assets is starting the year looking less accidental, helped by the end of tax-loss harvesting and the return of policy optionality to market pricing.
Stocks and fresh allocations are supporting the move
Bitcoin’s rise has tracked improving sentiment on Wall Street. U.S. stocks moved higher on Monday as a U.S. military strike on Venezuela lifted oil shares and renewed optimism around artificial intelligence boosted technology stocks. Crypto assets, especially bitcoin, have often moved in step with tech-heavy risk sentiment, and that link remains visible in the first days of the year.
At the same time, desks pointed to fresh capital deployment. Jeff Anderson, head of Asia at STS Digital, said the spot move likely reflects a mix of new risk budgets being put to work, rotation out of recent outperformers, and flows into hard assets after the Venezuela headlines.
Venezuela headlines added a haven bid
The Venezuela story appears to have fed demand for bitcoin alongside traditional safe-haven assets such as gold. Another macro angle is also in play. If Venezuelan oil supply were to rise under U.S. guidance, higher supply could pressure oil prices and create a disinflationary impulse, which in turn could give central banks more room to cut rates faster.
QCP Capital said Washington’s shock move on Venezuela could act as a near-term catalyst for BTC. The firm also noted revived market chatter claiming that Venezuela may control a sizable “shadow” bitcoin reserve, potentially comparable to Strategy’s holdings. QCP added a clear caveat: those claims remain unverified.