Bitcoin rose above $93,000 for the first time on Wednesday, adding to its postelection rally, as traders pored through October inflation data.
The price of the flagship cryptocurrency was last higher by more than 1% at $91,201.09. At one point, it briefly rose to a fresh record of $93,469.08.
Traders were digesting the most recent consumer price index, which showed prices increased 0.2% in October, bringing the 12-month inflation rate up to 2.6%. That was in line with expectations.
Bitcoin, which has recently benefited from a big postelection rally across risk assets, is seen by many investors as a hedge against potential fiscal policy that could spark inflation.
The rest of the crypto market sold off as investors took profits from the past week’s rally. Coinbase shares slid 10% and MicroStrategy pulled back nearly 8%. Most bitcoin miners, including Mara Holdings, Riot Platforms, CleanSpark and Iren, formerly known as Iris Energy, tumbled double digits.
Ether fell 3% and XRP lost 4%.Dogecoin added 2%. It has been one of the biggest winners since the election due to Tesla CEO Elon Musk’s involvement in President-elect Donald Trump’s campaign and forthcoming role in his administration, which was announced Tuesday night.
