[Herald Economy = Shin Dong-yoon] The leading cryptocurrency, Bitcoin, once climbed to $93,000, setting a new all-time high. This surge is supported by the continued positive sentiment following former U.S. President Donald Trump’s election victory, who is expected to implement pro-crypto policies.
According to U.S. cryptocurrency exchange Coinbase, as of 1:15 AM on the 14th, the price of Bitcoin rose to $93,482.19, surpassing the $93,000 mark for the first time.
After briefly dropping to the $92,000 range, Bitcoin reentered the $93,000 range at around 3:50 AM. However, it declined rapidly afterwards, reaching the $88,000 mark by 6:15 AM.
As of 6:30 AM, Bitcoin was trading at $88,833.58, up 0.25% from the previous day.
The Bitcoin rally is attributed to the U.S. Consumer Price Index (CPI) for October, which met market expectations. On the 13th (local time), the U.S. Bureau of Labor Statistics reported a 2.6% year-over-year and 0.2% month-over-month increase in the CPI, aligning with market forecasts.
As a result, interest rate futures traded on the Chicago Mercantile Exchange (CME) reflected an 82.3% probability that the Federal Reserve will cut interest rates by 25 basis points at the December FOMC meeting, a significant increase from the previous day’s 58.7%.
Cryptocurrency specialist media, CoinDesk, analyzed that investors significantly purchased Bitcoin following the CPI announcement that matched market expectations.
Overall, the Bitcoin rally appears to be buoyed by the favorable ‘Trump trade’ development.
On the morning of the 5th, the day after the election, Bitcoin was below $70,000, but has been breaking record highs daily since former President Trump’s win.
Three years ago, Trump called Bitcoin a ‘scam’, but during this election period, he changed his stance, showing support by saying, “Don’t sell Bitcoin” and “I will make the U.S. the capital of virtual assets.”
Traders anticipate that Bitcoin could reach $100,000 by the end of the year.
According to U.S. economic media outlet CNBC, on the event betting platform ‘Kalshi’, 60% of users bet that Bitcoin will reach $100,000 before January next year, while 45% believe it could happen this month.
Mike Colonize, an analyst at investment bank H.C. Wainwright, said, “We foresee positive sentiment persisting until the end of the year, and we believe Bitcoin could reach $100,000 by year-end.”
The U.S. daily Wall Street Journal (WSJ) reported, “Trump announced plans to dismiss Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), who has pursued regulatory strategies,” adding that “the crypto industry is betting on regulatory easing and industry-friendly policies.”
Meanwhile, online communities are attracting attention with posts from investors claiming significant returns on Bitcoin investments but expressing dissatisfaction.
In an online community for office workers, someone posted a screenshot showing a 670.85% return on Bitcoin investment, with an actual profit of only 10,000 KRW. The poster indicated regret over not selling the Bitcoin sooner, dating back to 2017.
Similar account snapshots were shared in the comments. One commenter showed an 859.75% return with a profit of just 99,636 KRW, and another indicated a 1,373.08% return but only a 10,916 KRW profit.