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Bitcoin Revisits $50K as U.S. Inflation Hits 39-Year High

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Fri, 12/10/2021 - 13:49
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Alex Dovbnya
Bitcoin jumped higher on the CPI data, trading like a macro asset once again
Bitcoin Revisits $50K as U.S. Inflation Hits 39-Year High
Cover image via U.Today

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The Labor Department reported Friday that the Consumer Price Index had reached a 39-year year-over-year growth peak of 6.8%, adding 0.8% in November.

While the figure was in line with analysts' expectations, this still pushed the price of Bitcoin roughly 2.5% higher. The largest cryptocurrency has once again surpassed the psychologically important level of $50,000 after dipping to an intraday low of $47,440 earlier today on the Bitstamp exchange.

BTC

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Nasdaq and S&P 500 e-mini futures are also in the green.

A month ago, Bitcoin hit its current all-time high of $69,000 on hotter-than-expected inflation data. However, the cryptocurrency failed to hold onto these gains, currently trading down 28% from the peak.

The CPI report will likely influence the Federal Reserve's tapering policy. Fed officials are scheduled to have a two-day meeting next week.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.