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Bloomberg Quint

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Image Credit: Bloomberg Quint

Bitcoin Briefly Tops $93,000 On Trump Agenda, Fed Policy Outlook

  • Bitcoin briefly reached a record high of $93,462, driven by expectations of interest-rate reductions and President-elect Trump's support for cryptocurrency.
  • Speculators are uncertain if Bitcoin's rally will continue, potentially reaching $100,000, or if profit-taking will occur after a 34% advance since the US election.
  • US inflation data meeting projections has increased expectations of another rate cut by the Federal Reserve in December, but Trump's tax cuts and trade tariffs add uncertainty to the future.
  • Questions remain about the feasibility and timeline of Trump's promises to create a friendly regulatory framework for crypto and establish a strategic Bitcoin stockpile.

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