Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
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.
Alex DovbnyaA 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.
Godfrey Benjamin
Gamza Khanzadaev
Dan Burgin
Vladislav Sopov