Bitcoin surged above $91,000 for the first time on Wednesday, extending its postelection rally as traders digested October inflation data. Inflation was up 0.2% in October, bringing the annual rate to 2.6%, matching expectations. Many investors view Bitcoin as a hedge against inflation, further driving its recent gains. Other cryptocurrencies also saw modest gains, with Ether and Solana up around 1%, while Dogecoin jumped 8%.
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00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Bitcoin surged above $91,000 for the first time on Wednesday,
00:06extending its post-election rally as traders digested October inflation data.
00:11Inflation was up 0.2% in October, bringing the annual rate to 2.6%, matching expectations.
00:18Many investors view Bitcoin as a hedge against inflation, further driving its recent gains.
00:23Other cryptocurrencies also saw modest gains, with Ether and Solana up around 1%,
00:27while Dogecoin jumped 8%.