Bitcoin hits new high, breaking through $93,000

Affected by the support of the incoming US President Trump for digital assets and market expectations of continued interest rate cuts by the Federal Reserve, Bitcoin reached a new high, breaking through $93,000 (approximately 124,960 new yuan) on Wednesday, November 13.

The latest inflation data in the US met expectations, making investors optimistic about the Fed’s maintenance of its interest rate-cutting policy. This led to a nearly 6% increase in Bitcoin on Wednesday, reaching an all-time high of $93,462, but the momentum could not be sustained, and it fell below the $90,000 mark.

Bitcoin has risen by over 100% this year. Following the US election last Tuesday, the investment return of Bitcoin surpassed that of stocks and gold.

During his campaign, Trump vowed to place the US at the center of the digital asset industry, including establishing a strategic Bitcoin reserve, and has appointed regulators who are enthusiastic about digital assets.

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