Bitcoin hit a new high, rising above $93,000 for the first time ever on Wednesday, continuing its post-election climb. At one point, it briefly reached a record price of $93,469.
People were closely watching October’s inflation report, which showed a small 0.2% increase in prices, bringing the overall inflation rate to 2.6% for the year. This was exactly what experts had expected.
Bitcoin has been gaining lately, partly because many investors see it as a safe bet against inflation, especially with potential changes in government policies after the election.
While Bitcoin soared, other parts of the crypto market took a hit as investors started selling off some of their recent gains. Shares of Coinbase dropped 10%, and MicroStrategy fell almost 8%.
Several major Bitcoin mining companies, like Mara Holdings and Riot Platforms, also saw big drops in their stock prices.
Other cryptocurrencies had mixed results. Ether dropped 3%, XRP fell 4%, but Dogecoin went up 2%.
Dogecoin has been especially popular since the election, partly because of Tesla CEO Elon Musk’s involvement in Donald Trump’s campaign and his expected role in Trump’s upcoming administration, which was announced Tuesday night.
