Bitcoin hits record $93,400 as Trump victory boosts crypto optimism and Fed rate cut expectations

Bitcoin reached a record high of $93,400, driven by optimism over President-elect Donald Trump's pro-crypto policies and expectations of a Federal Reserve interest rate cut. This follows a rise in U.S. consumer inflation to 2.6% in October. Since the November 5 election, Bitcoin has increased nearly 32%. Other cryptocurrencies also saw gains, with Ethereum up over 35% and Dogecoin rising about 170%, partly due to support from Elon Musk. MicroStrategy Inc. made headlines by purchasing 27,200 Bitcoin for $2.03 billion, marking its largest acquisition to date. The broader market also saw significant interest in meme coins, with some experiencing dramatic price increases.