Bitcoin rose above $93,000 for the first time on Wednesday, adding to the postelection rally, as traders pored over Wednesday’s October inflation data.
The price of the flagship cryptocurrency was last higher by more than 3% at $92,984.53. At one point it briefly rose to a new record of $93,469.08.
Traders digested the latest consumer price index, which showed prices rose 0.2% in October, bringing the 12-month inflation rate to 2.6%. That meets expectations
Bitcoin, which recently benefited from a big post-election rally in risk assets, is seen by many investors as a hedge against potential inflationary fiscal policy.
Other cryptocurrencies got a small boost as traders digested last week’s post-election gains. Ether and on Solana their respective tokens are about 1% higher.
Dogecoin added 3%. It was one of the biggest winners since the election because of Tesla CEO Elon Musk’s involvement in President-elect Donald Trump’s campaign and his upcoming role in the administration, which was announced Tuesday night.
