Bitcoin, the world's largest cryptocurrency, broke its all-time high price record for the second time in a row today.
The previous intraday high for BTC was $76,400. With the recent rise, the new record was $76,466. However, after the record, the Bitcoin price has shown some decline and is trading at $76,000 at the time of writing.
The BTC price surge came about an hour before the FED’s critical interest rate decision. The FED is almost certainly expected to cut interest rates by 25 basis points. On the other hand, the coming days are likely to be difficult for the FED, as Donald Trump is expected to take several steps that could push inflation upwards with his election as US President. These include reducing immigration to the US and imposing new import duties.
Some analysts believe that some investors may turn to Bitcoin for protection in a new inflationary environment.
*This is not investment advice.