The US crypto market has been experiencing a surge, with Bitcoin crossing the $90,000 level for the first time, fueled by Donald Trump's pledge to reduce cryptocurrency regulations ¹. This increase is also linked to the rising inflation rate in the US, which reached 2.6% in October 2024 ².
Inflation, in simple terms, is the process by which a currency loses value over time, causing prices of goods to rise ³. This can impact the crypto market, as investors may seek alternative assets like Bitcoin, which is often touted as a hedge against inflation ⁴.
Key Market Trends:
• Bitcoin Price Surge: Bitcoin gained 3.63% to $91,519.00, while Ethereum rose 0.46% to $3,295.60 ¹.
• US Dollar Rise: The US dollar rose to its highest level since April 16, fueled by increasing inflation data ¹.
• Inflation Rate Increase: The US inflation rate increased to 2.60% in October from 2.40% in September of 2024 ².
These trends indicate a shifting market landscape, with investors eyeing crypto as a potential hedge against inflation. However, it's essential to keep in mind that the crypto market is highly volatile and subject to change ¹!!
