The price of bitcoin rallied above $100,000 on Wednesday, returning the cryptocurrency over the six-figure threshold and extending a post-election surge—after the latest U.S. inflation report fell in line with analyst expectations.
The cryptocurrency eclipsed the six-figure milestone earlier this month in a post-election surge ... [+]
Bitcoin increased by nearly 6% to over $101,300 as of around 3:15 p.m. EST Wednesday, after a two-day selloff that dropped the crypto as low as $94,304.
The cryptocurrency eclipsed the $100,000 milestone for the first time late on Dec. 4 and briefly hit an intraday record of $103,844.05.
The return to six figures follows the latest report from the Bureau of Labor Statistics, which indicated inflation rose 2.7% in November, while core inflation—a measurement excluding the cost of food and energy—remained unchanged from October’s annual rate increase of 3.3%, aligning with estimates from analysts.
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52.8%. That’s how much the price of bitcoin increased between Nov. 4, the day before the election, and Dec. 4. During this period, bitcoin crossed the $90,000 threshold just three days after surpassing $80,000 for the first time. It took another three weeks for bitcoin to reach $100,000.
Bitcoin had already rallied before the presidential election, with the cryptocurrency’s price surging by 70% up to October’s end. That surge followed the Securities and Exchange Commission approving spot bitcoin exchange-traded funds in January. President-elect Donald Trump, an earlier critic of cryptocurrencies, campaigned on making the U.S. the “crypto capital of the planet.” He has announced support for bitcoin mining and previously sold a line of Trump-branded NFTs, and about $3 million of his $6 billion fortune has been invested in cryptocurrency as of Sept. 30, according to Forbes’ estimates. In the weeks since winning the election, Trump tapped Paul Atkins to lead the SEC, citing Atkins’ pro-crypto views. Gary Gensler, the current SEC lead who had undertaken enforcement actions against several crypto firms, announced he would step down from the role in January.