Bitcoin soared in response to reports that consumer prices in the United States were rising and weekly incomes were declining. On inflation worries, bitcoin prices soared within minutes of headlines showing U.S. consumer prices soaring and weekly earnings decreasing. According to Coingecko, bitcoin values momentarily surpassed $69,000 just after 9 a.m. ET.
a brief summary
- Two reports were issued by the United States Bureau of Labor Statistics on Wednesday morning. The consumer price index rose 6.2 percent in the 12 months ended in October, the fastest rate since 1990. Over the same period, actual average weekly wages fell by 1.6 percent, according to a second real-earnings data.
- Bitcoin peaked at US$67,043, according to Coingecko, less than a month ago, the day following the successful launch of the first U.S. Bitcoin futures exchange-traded fund.
- Economists are examining Bitcoin's rising function as an inflation hedge in light of recent price volatility and shifts in energy markets.
- In August, US Federal Reserve Chairman Jerome Powell proposed a fundamental policy shift that would give inflation more leeway to climb before the Fed raises interest rates defensively.
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