Bitcoin surges above $93,000 amid Trump-driven optimism

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Written on Nov 13, 2024

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The leading cryptocurrency has been one of the most notable gainers since the election.
BTC price touched $92,911 at the time of writing this report.
The October US Consumer Price Index report might impact BTC price today.

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Bitcoin soared past the $93,000 mark on Wednesday, continuing its unyielding rally fueled by expectations that Donald Trump’s presidency could positively impact the cryptocurrency market.

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The leading cryptocurrency has been one of the most notable gainers since the election, reaching $92,911 at the time of writing—a 5% increase over the past 24 hours.

This momentum underscores investor enthusiasm over potential crypto-friendly policies under the new administration.

The latest development comes after Bitcoin briefly touched $90,100 during Tuesday afternoon trading in the US, but faced selling pressure that pushed it down to $86,200 by Wednesday morning in Europe.

The cryptocurrency managed to regain some momentum, stabilizing at around $87,500—roughly 2.65% below its peak on Tuesday.

Altcoins experienced sharper declines, with Ethereum (ETH) dropping 3.6% and Solana (SOL) down 2.8% over the past 24 hours.

The October US Consumer Price Index (CPI) report might impact crypto prices today.

If it does, then this could signal a shift in market sentiment for cryptocurrencies.

Historically, inflation data has brought volatility to Bitcoin, which struggled during periods when inflation was nearly double the Fed’s target.

For instance, BTC dropped by 7.5% on January 12 after December’s inflation figures marked the highest reading since June 1982.

Meanwhile, in an unexpected twist, President-elect Donald Trump announced plans for a new Department of Government Efficiency (DOGE), an overt nod to the dog-themed cryptocurrency.

The department will be led by Elon Musk and Vivek Ramaswamy, operating as external advisors to implement sweeping reforms and introduce an “entrepreneurial approach to Government never seen before.”

DOGE token is seeing renewed investor interest due to its meme-driven appeal.

This has driven a surge in attention, pushing DOGE up nearly 250% over the past 30 days and reaching 2021 price levels.

Traders are now eyeing the $1 mark as a long-term target for the token.