Bitcoin rose early Wednesday as investors reacted to the latest U.S. inflation reading.The world’s largest cryptocurrency was up 2.9% over the past 24 hours to $99,032, according to CoinDesk data. It is up more than 40% since Nov.

The fall comes after the cryptocurrency experienced a meteoric rise, fueled in part by the reelection of Donald Trump.

Key Takeaways Bitcoin topped $100,000 again Wednesday, climbing back after recently sliding under $90,000 for the first time since November. Inflation data and a Reuters report that encouraged crypto backers likely lifted the leading cryptocurrency.

During a great year for cryptocurrencies, hedge funds focused on digital assets unsurprisingly did very well, too. It’s just that many didn’t do as well as the industry’s most famous token: Bitcoin.

Pension schemes for the states of Wisconsin and Michigan are among the top holders of US stock market funds devoted to crypto, while some pension fund managers in the UK and Australia have also made small allocations in recent months to bitcoin using funds or derivatives.

Crypto hedge funds had a strong year in 2024, gaining from their exposure to digital assets. However, Bitcoin’s rise to over $100,000 outpaced most crypto

On Tuesday, the price of bitcoin returned above $97,000, as as speculation swirled within the crypto industry about a potential executive order on cryptocurrency during the first day of Donald Trump’s second presidency.

Bitcoin price predictions exceed $100,000 for January 2025 as analysts cite Trump policies and institutional adoption as key drivers.