Bitcoin slams through $92,000 mark

Bitcoin broke through the $92,000 mark for the first time as traders combed through October U.S inflation data on Wednesday, continuing its post-election surge. 

The flagship cryptocurrency’s price was last up more than 7% for the day. It momentarily increased to a new high of $92.2K. 

The latest consumer price index from the world’s largest economy, showed that prices rose 0.2 percent in October, raising the 12-month inflation rate to 2.6 percent as anticipated.

Many investors view Bitcoin as a hedge against potential fiscal policy that could lead to inflation, and recently profited from a significant post-election rally across risk assets. 

Other crypto assets posted significant upsides as crypto-traders processed the previous week’s post-election gains. Double-digit percentage gains were added by Dogecoin, Pepe. 

 Elon Musk’s support of President-elect Donald Trump’s campaign and his upcoming role in his administration, which was revealed Tuesday night, have made it one of the biggest winners since the election. 

After President-elect Donald Trump’s successful comeback bid for the White House last week, there has been a spike in bullish sentiment across digital assets and broader equities throughout this time.  

Analysts see Bitcoin and digital assets as a high-conviction investment, especially in the wake of the former president’s inauguration on January 20. This trade has been dubbed the “Trump Trade.”.   Bitwise’s Chief Investment Officer Matt Hougan anticipates that Bitcoin will easily surpass $100,000 by next year. 

Regulation aimed at creating a Bitcoin reserve, safeguarding cryptocurrency mining interests, reducing an unfriendly regulatory environment, and promoting innovation is anticipated to be spearheaded by Trump’s administration.  

Even though most people believe that the market’s response to macro events is firmly rooted in a “sweet spot,” risks still exist. Geopolitical threats in the Middle East and Eastern Europe are possible causes for calling off the celebration early include debt and potential climate catastrophe.