Bitcoin sets new record at over $93,400

Bitcoin's price surged, reaching a new record high of over $93,400 per coin, becoming the seventh-largest asset globally.

After two days of volatility, at one point dropping close to $85,000 per unit, Bitcoin (BTC) initiated a new price surge tonight. From after 8 PM, the world's largest cryptocurrency jumped by approximately $2,000 to nearly $90,000 in just a few tens of minutes.

The market experienced immediate volatility but quickly regained momentum to break through the aforementioned key resistance level at 9:30 PM. Approximately 10 minutes later, the price advanced to the $91,000 region, and the $92,000 region was established at 10:30 PM.

After a brief period of volatility lasting a few minutes, Bitcoin surged steadily. By approximately 11:15 PM, its price had reached over $93,300, representing a nearly 9% increase in the past 24 hours. Cumulatively over the past week, this cryptocurrency has accumulated nearly $24,000, equivalent to approximately 35%.

BTC's market capitalization is currently around $1.845 billion. This puts it ahead of oil giant Saudi Aramco to become the 7th largest asset in the world. digital currency This is second only to Yellow and leading technology companies such as NVIDIA, Apple, Microsoft, Amazon, and Alphabet.

Bitcoin prices hit a new record high as US inflation in October was on track to meet expectations. According to the latest report from the US Department of Labor, the Consumer Price Index (CPI) for October was 0.2% higher than the previous month and 2.6% higher year-on-year. Core CPI rose 0.3% month-on-month and 3.3% year-on-year. All figures were within the forecasts of economists , investors, and market observers.

CME Group's FedWatch Tool showed the likelihood of a further 25 basis point interest rate cut by mid-December rose to 69% immediately after the inflation data was released. This was an improvement from the previous figure of below 60%.

The U.S. Federal Reserve (Fed) has cut interest rates by a total of 75 basis points since beginning its easing cycle in September. CoinDesk reports that "loose" monetary policy is appearing in almost all Western central banks, coupled with his victory. Donald Trump This has provided the "fuel" for Bitcoin to run to its all-time high.

However, many indicators suggest the market is overbought and derivatives trading is highly leveraged. This has led experts to worry about the risk of a pullback (price moving against the market trend in the short term), leading to panic and indiscriminate selling.

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