Bitcoin surges from $93,000 to $88,000 - why?

Bitcoin briefly topped $93,000 (approximately ¥14.49 million), hitting an all-time high, before plummeting to $88,000 (approximately ¥13.71 million), like a rollercoaster.
As of 8:30 a.m. on the 14th, Bitcoin was up 2.85% from 24 hours earlier on CoinMarketCap, a global coin market relay site.
Prior to this, at around 1:30 a.m. on the same day, Bitcoin surged to $93,434, breaking through the $93,000 mark and setting a new all-time high.
However, Bitcoin fell to $88,276 around 6 a.m., collapsing the $89,000 mark.
Bitcoin's $93,000 surge comes as the Consumer Price Index (CPI) for the previous month was released on the same day.
This is because the Fed's PI was in line with market expectations, making it more likely that the Fed will cut interest rates by 0.25 percentage points in December.
Immediately after the CPI was released, interest rate futures traded on the Chicago Mercantile Exchange (CME) were
The FOMC in April reflected an 82% chance of a 0.25 percentage point interest rate cut, up from just 58% the day before.
This is believed to be due to a report by cryptocurrency media outlet CoinDesk that said, "The home of the CEO of PolyMarket, a major cryptocurrency betting site, was searched."
The FBI is reportedly investigating PolyMarket, believing it manipulated the market as investors placed overwhelming bets on Trump winning the US presidential election.
Meanwhile, a PolyMarket spokesperson said in a statement: "PolyMarket provides a marketplace that allows investors to correctly predict the 2024 US presidential election.
"This is a clear political retaliation by the outgoing government against the Saudi Arabian government," they said.