On Wednesday, the price of Bitcoin surged past $100,000, marking a significant milestone for the cryptocurrency and continuing its upward trend following the recent U.S. election. This increase came after the latest U.S. inflation report met analyst expectations.
As of 3:15 p.m. EST, Bitcoin had risen nearly 6% to over $101,300, recovering from a two-day decline that saw its value drop to $94,304.
Bitcoin first surpassed the $100,000 mark on December 4, briefly reaching an intraday high of $103,844.05.
The return to six figures coincides with the Bureau of Labor Statistics’ latest report, which showed a 2.7% rise in inflation for November. Core inflation, which excludes food and energy costs, remained steady at an annual rate increase of 3.3%, matching analyst predictions.