Bitcoin once again broke through $100,000 as the latest U.S. inflation data strengthened bets that the Federal Reserve will cut interest rates again. The prospect of loose monetary conditions soothed investor sentiment, pushing the tech-dominated Nasdaq 100 stock index to a record high.
“The market likes to see inflation rates in line with expectations,” said Henry Elder, head of UTXO Management. He added that traders are “trying to figure out if $100,000 is a ceiling or a floor.”
Since Trump won the U.S. election on November 5, Bitcoin has risen by about 50%, with U.S. Bitcoin spot ETFs seeing net inflows of about $11 billion during the period, while Ethereum spot ETFs have attracted $2.4 billion in net inflows. (Bloomberg)