• Bitcoin Price Bounces $2K as US Inflation Hits 40-Year High

  • In November, the US Bureau of Labor Statistics reported 6.8 percent inflation. Markets, including Bitcoin, reacted negatively to the news.

    The November inflation figures for the United States are out, and the Consumer Price Index appears to be at its highest point in about 40 years. Bitcoin’s price briefly surpassed $50,000 as a result of the news.

    Bitcoin’s price increased by nearly $2,000 in a matter of hours, reaching an intraday high above $50,000 before retracing to around $49,500.

    This comes as the monthly inflation figures for the United States were released today.

    The Consumer Price Index (read inflation) for November reached 6.8 percent, according to the US Bureau of Labor Statistics. The December figures will be released on January 12, 2022.

    According to World Bank data, this is the highest level of inflation in the United States since 1981, when it reached nearly 10%.

    The closest we came to this level of inflation was in 1990, when it stood at 5.4 percent.

    Legacy markets reacted positively to the news as well.

    The NASDAQ 100 is up 0.74 percent, the S&P 500 is up 0.67 percent, and the DJIA is up 0.45 percent hours after the market opens.

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