Bitcoin sets new record of over $93,400

Bitcoin price jumped, hitting a new record above $93,400 per coin, becoming the seventh largest asset globally.

After two days of shaking, at times it was close to 85,000 USD per unit, Bitcoin (BTC) started a new bullish trend tonight. After 8 p.m., the world's largest cryptocurrency jumped about $2,000 to nearly $90,000 in just a few dozen minutes.

The market immediately shook but quickly regained momentum to surpass the above important resistance level at 21:30. About 10 minutes later, the price advanced to the 91,000 USD zone and the 92,000 USD zone was established at 22:30.

After a slight shake that lasted for a few minutes, Bitcoin continued to increase continuously. At about 23:15, the market price recorded over 93,300 USD, an increase of nearly 9% in the past 24 hours. In the past week, this digital currency has accumulated nearly 24,000 USD, equivalent to about 35%.

BTC's market capitalization is currently around $1,845 billion. This helps it surpass oil giant Saudi Aramco to become the world's 7th largest asset. Current capitalization digital currency This is second only to Yellow and leading technology companies such as NVIDIA, Apple, Microsoft, Amazon and Alphabet.

Bitcoin price hits new record as US inflation in October is not out of line with expectations. According to the latest report from the US Department of Labor, the Consumer Price Index (CPI) in October was 0.2% higher than the previous month and 2.6% higher than the same period. The core CPI increased 0.3% compared to the previous month and 3.3% compared to a year ago. All of which were completely within the previous forecasts of economists , investors and market observers.

The CME Group's FedWatch Tool showed the chance of a 25 basis point rate cut by mid-December rose to 69% immediately after the inflation data was released, up from below 60%.

The US Federal Reserve (Fed) has cut interest rates a total of 75 basis points since starting its easing cycle in September. According to CoinDesk , the "easy" monetary policy that appears to be coming from nearly all Western central banks combined with his victory Donald Trump provided the "fuel" for Bitcoin's run to an all-time high.

However, many indicators show that the market is overbought and the leverage ratio is high in derivatives trading. This makes experts worry about the risk of a pullback (prices going against the market trend in the short term), creating panic and reckless selling.

Source