Bitcoin surges past $90,000 as inflation report fuels investor optimism
Bitcoin has exceeded $90,000
U.S. inflation data released by the Bureau of Labor Statistics brings no surprises; Bitcoin has exceeded $90,000
According to data from the U.S. Bureau of Labor Statistics, the annual inflation rate in October rose to 2.6%, up from 2.4% in September, aligning with forecasts.
On a monthly basis, the inflation rate remained steady at 0.2%, also matching previous figures and expectations.
The core inflation rate, excluding food and energy prices, held at 3.3% year-over-year and increased by 0.3% month-over-month, consistent with consensus estimates.
These data indicate that core inflationary pressure remains stable.
Cryptocurrency Market Reaction
The cryptocurrency market reacted to the inflation data with Bitcoin rising to over $89,600. As a result, the leading cryptocurrency gained 5.5% in 24 hours and 22% over the past week.
At the same time, some leading altcoins traded at a loss on November 13. According to CoinMarketCap, Ethereum fell 0.5% in 24 hours, dropping to $3,235.
Cardano also lost a similar percentage, trading at $0.57.
Other top-10 cryptocurrencies by market capitalization continued to grow. Among them, DOGE rose the most—up 12% to $0.4—while XRP increased nearly 10% to $0.7.
Market analyst Zach Rector reported a meeting between Ripple’s leadership and President-elect Donald Trump, speculating that the discussions might cover future crypto regulations. Ripple CEO Brad Garlinghouse subtly confirmed the meeting by liking Rector’s post on X, adding fuel to investor excitement.
This rumored dialogue has intensified speculation that the SEC might consider dropping its appeal in the Ripple case, a move that could set a pivotal precedent for XRP and the broader crypto landscape.
