Mumbai/IBNS: Bitcoin surged past $93,000 on Thursday (Nov. 14), hitting a record high as its upward trend gained strength, driven by optimism about potential pro-crypto regulatory policies under President-elect Donald Trump and expectations of further interest rate cuts by the US Federal Reserve.
The cryptocurrency briefly peaked at $93,400 before stabilizing near $90,000, as traders watched closely for signs of a potential climb toward the much-anticipated $100,000 milestone.
In recent trading, Bitcoin posted a nearly 6 percent increase in the US market, setting a new record at $93,462 before retracting to around $89,974 by Thursday morning in Singapore.
As of 9:30 am, it was trading at approximately $90,077, giving Bitcoin a market capitalization of $1.78 trillion.
Analysts are pointing to both technical and fundamental indicators that suggest continued strength in Bitcoins momentum.
The Fear and Greed Index, a widely used metric of market sentiment, currently shows Extreme Greed, reflecting heightened confidence among investors and traders.
Trumps pro-crypto stance has been credited as a key driver of Bitcoins recent rally, igniting enthusiasm among cryptocurrency supporters.
His hints at creating a more favourable regulatory landscape for digital assets have sparked optimism about future growth, with some speculating that this could propel Bitcoin toward $100,000.
Reports indicate that approximately 30 to 40 percent of Americans now own some form of cryptocurrencya number that could rise if crypto-friendly policies are implemented.
Opinions on Bitcoins short-term trajectory are mixed.
While some analysts predict further gains, others caution about potential profit-taking after Bitcoins 33 percent rally since the US election on November 5.
Another factor set to impact Bitcoins price movement is the upcoming release of US Consumer Price Index (CPI) data.
The CPI, closely monitored as a measure of inflation, could provide further momentum for Bitcoin if it falls below expectations.
