Bitcoin shoots to $44,000 as US inflation hits 7% in December

The
latest
figures
from
the
United
States
Bureau
of
Labor
Statistics

show

that
the
Consumer
Price
Index
(CPI)
hit
7%
in
December
2021.

Bitcoin
(BTC)
was
volatile
prior
to
the
announcement,
fluctuating
by
over
$2,000
from
lows
of
$41,000
to
$43,000
on
Wednesday.
Upon
release
of
the
figures,
the
price
continued
its
upward
climb,
touching
$44,000. 

Prior
to
the
announcement,
Twitter
was
rife
with
speculation.
According
to
a
Twitter poll,
53%
of
Coin
Bureau’s
580,000
followers
had expected the
CPI
to
overshoot
the
consensus
estimation
of
7%
inflation.

Macroeconomic
specialist
and
cryptocurrency
soothsayer
Lyn
Alden
was
on
the
money.

The
graph
for
inflation
from
the
Fed
over
the
past
10
years
is
eye-opening.
Since
the
pandemic,
marked
in
gray,
the
inflation
level
plummeted
before
beginning
a
dizzying
climb
to
7%.



Related: 
Bitcoin
crash
ahead?
Expert
warns
higher
inflation
could
whip
BTC
price
to
$30K

Castle
Island
Ventures’
Nic
Carter
was
more
tongue-in-cheek
prior
to
the
data
update.
In
anticipation
of
more
inflation
rises,
he

joked

that
he
was
“looking
forward
to
the
inflationista
cope
if
CPI
prints
double
digits.”

Inflation
rates
have
become
of
paramount
concern
to
developed
countries
around
the
world,
but
particularly
for
the
United
States.
Seven
percent
is
the
highest
inflation
rate
since
the
1980s. 

Traditional
markets
such
as
the
S&P
kicked
off
in
the
green,
up
0.36%,
while
BTC
was
up
2.8%
during
the
action.

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