Bitcoin has once again surged past the $100,000 mark, trading at around $100,500 following the release of U.S. Consumer Price Index (CPI) data for November. The CPI rose by 0.3% month-over-month, aligning with market expectations. This data reinforced optimism about a potential Federal Reserve rate cut next week. Bitcoin had dropped below $95,000 earlier but has since rebounded, nearing its all-time high of $103,679. Over $6.96 million in short liquidations within four hours on Wednesday contributed to the rally, reflecting strong market momentum.
The rise in Bitcoin’s price has influenced the broader cryptocurrency market, with altcoins experiencing significant gains. XRP, in particular, saw a 17% increase, trading at $2.44, following Ripple Labs' announcement of the RLUSD stablecoin launch. Ripple’s approval to issue the stablecoin in New York marked a significant regulatory milestone. Solana rose by over 9%, reaching $229, while Cardano climbed 13% to $1.09. Dogecoin and Shiba Inu also performed well, gaining 9% and 13%, respectively. Ethereum recorded a modest 2.37% increase, trading at $3,716.