Bitcoin soars to record $93,400 on Trump euphoria and Fed rate cut bets
Bitcoin surged to a record high above $93,400, driven by market optimism over President-elect Donald Trump's pro-crypto stance and expectations of further interest rate cuts by the Federal Reserve.
The rally was fuelled by data showing US consumer inflation rose to 2.6% in October, up from 2.4% in September, aligning with market expectations and strengthening the case for a potential 25-basis-point rate cut next month, with market odds rising from 59% to 83%.
Bitcoin was last down slightly at $89,960, but has risen nearly 32% since the November 5 election.
Ethereum also witnessed a similar upward trajectory, gaining over 35% since Election Day, while Dogecoin soared by approximately 170%, boosted by endorsements from billionaire and Trump ally Elon Musk.
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View Details»Edul Patel, Co-founder and CEO of Mudrex, noted that both technical and fundamental indicators point to continued strength for Bitcoin. He highlighted the “Extreme Greed” signal on the Fear and Greed Index, suggesting strong bullish sentiment in the market. Patel also pointed out that over $850
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