(Bloomberg) -- Bitcoin spiked above $93,000 for a short period as expectations of further interest-rate reductions by the Federal Reserve added to the impetus from President-elect Donald Trump’s pro-crypto stance.

The digital asset rose nearly 6% in the US on Wednesday to a record $93,462 but failed to hold the climb, changing hand at $91,305 as of 12:06 p.m. Thursday in London. The wider crypto market swung between gains and losses.

Speculators are trying to parse whether Trump’s rhetorical support for digital assets will continue to propel Bitcoin, opening a path to $100,000, or give way to a bout of profit-taking after a 34% advance since the US election on Nov. 5.

“After such an extended move it’s reasonable to think we will see opinions shift, resulting in increased two-way flows,” Chris Weston, head of research at Pepperstone Group, wrote in a note. “Still, the trend in Bitcoin is higher — for now — and I would expect buyers to kick back in once the liquidation of a concentrated position has run its course and we move to a cleaner position.”

US inflation data on Wednesday met analyst projections, prompting traders to boost wagers on another quarter-point rate cut by the Fed in December. At the same time, Trump’s wider platform of tax cuts and protectionist trade tariffs complicates the picture by threatening to stoke price pressures in the future.

The president-elect has pledged to create a friendly regulatory framework for crypto, set up a strategic Bitcoin stockpile and make the US the global hub for the industry. A onetime crypto skeptic, Trump changed tack after digital-asset firms spent heavily during election campaigning to promote their interests.

Questions remain about the feasibility of these promises and the potential timeline for implementation. Trump and his Republican Party have unified control of the elected branches of government but matters of state such as economic and fiscal policy may be first in line for action.

Billionaire Michael Novogratz, founder of crypto-focused Galaxy Digital LP, said on Bloomberg Television that the odds of a US Bitcoin strategic reserve are low, while adding that the largest token could soar to $500,000 if it materializes.

The crypto rally is rippling across the financial sector, driving peak trading volumes and inflows at US Bitcoin exchange-traded funds. MicroStrategy Inc. — a software company that has embraced Bitcoin on its balance sheet — is powering a Bloomberg gauge for convertible US debt toward its best month this year.