CPI inflation under control》Bitcoin breaks through 93,000 and then plummets by $5,000, with long and short positions hitting over 250,000

The US announced the October CPI data last night, which was in line with expectations, and the market also expects that the Fed will most likely continue to cut interest rates by 25 basis points in December. Bit coin, inspired by this, continued to rise, and once broke through the $93,000 mark. The US Department of Labor released data last (13th) night showing that the US October CPI (Consumer Price Index) rose 2.6% year-on-year, slightly up 0.2% from September, both in line with previous expectations. At the same time, the core CPI excluding food and energy remained unchanged from September at 3.3%, with the same year-on-year increase of 3.3%, both in line with market expectations. The probability of a rate cut in December has risen to 82.3% Previously, due to Trump's victory in the US election, the market expected that Trump's economic policies after taking office might slow the pace of interest rate cuts by the Federal Reserve (Fed). However, after the release of the October CPI, according to the CME Fed Watch tool, the market believes that the probability of the Fed cutting interest rates by 1 notch in December has risen from 58.7% the previous day to the current 82.3%, and the probability of keeping the interest rate level unchanged in the range of 4.75% to 5% has dropped to 17.7%. Bit coin once broke through $93,000 With the release of the CPI data, the expectation of a further rate cut in December has been strengthened, and Bit coin made another push last night, breaking through the $93,000 mark at 00:15 today (14th), reaching a high of $93,263. However, selling pressure then emerged, and it even fell back to $88,000 earlier, trapping many users who chased the new high. According to Coinglass data, in the past 24 hours, the total amount of cryptocurrency liquidation reached $847 million, with $520 million in long positions and $326 million in short positions liquidated, and more than 250,000 people were liquidated, a true double-edged sword. Bitwise investment chief: $500,000 is a sign of Bit coin's maturity Regarding the current crazy rise of Bit coin, many investors have started to fear heights and worry that liquidation may come at any time. However, Bitwise's investment chief, Matt Hougan, recently said that we are still in the early stage of Bit coin's value discovery, and it will not be until Bit coin reaches $500,000 that we can call it mature: Bit coin has repeatedly hit new highs recently due to the positive sentiment brought by Trump's victory, and the $100,000 breakthrough is imminent. The demand for Bit coin as a value storage asset similar to gold will continue to increase, especially against the backdrop of governments' ever-expanding deficits. Although central banks currently hold about 20% of the world's gold reserves, Bit coin holdings are less than 2%. If the US government plans to establish a Bit coin reserve, Bit coin will achieve a target of $500,000, on par with gold's position in the value storage market. However, CryptoQuant founder Ki Young Ju also recently reminded investors that although Bit coin will continue to rise in the long run, the current Bit coin market leverage ratio in the U-based market has reached a historical high of 2.7, and if liquidation comes, it may be unimaginably painful. US stocks mixed However, on the US stock side, although there was also short-term stimulus, selling pressure emerged later, and the four major indices performed as follows last night after the opening: The Dow Jones Industrial Average rose 47.21 points or 0.11% to close at 43,958.19 points. The S&P 500 index rose 1.39 points or 0.02% to close at 5,985.38 points. The Nasdaq index fell 50.66 points or 0.26% to close at 19,230.74 points. The Philadelphia Semiconductor Index fell 102.34 points or 2.00% to close at 5,006.29 points. In individual stocks, the US tech giants Meta, Nvidia, and Alphabet also saw slight declines.