Cryptocurrency

As U.S. CPI data showed the highest inflation in the past 40 years, Bitcoin jumped to more than $50,000

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Bitcoin (BitcoinAs the US Consumer Price Index (CPI) data showed that inflation in December was lower than expected, it soared to more than $1,000 in a few seconds on December 10.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

November CPI in line with expectations

Data from Cointelegraph Markets Pro and Transaction view Show BTC/USD running to 50,132 USD on Bitstamp as data public Friday.

One hour before the opening of Wall Street, the currency pair had reached its highest level in 24 hours.

CPI has greatly awaited Both cryptocurrency and traditional financial analysts believe that November increased by at least 6.7% year-on-year, or even more than 7%. As a result, these figures are roughly in line with conservative guesses, reaching 6.8%.

Nonetheless, the results indicate that the CPI inflation rate is at its highest level in nearly 40 years.

US CPI data chart.Source: US Bureau of Labor Statistics

Still range oscillating

Bitcoin’s short-term success did not last long. At the time of writing, BTC/USD is back below $50,000.

related: Due to “deflationary forces”, Bitcoin may reach $100,000 in 2022 and gold will reach $2,000 in 2022-Bloomberg analyst

Analysts previously believed that the largest cryptocurrency is still trapped in a range without obvious upward bias, which needs to break through $53,600 to change.

Altcoins are indifferent to the CPI event, ether (Ethereum) Is still down 1.3% in the past 24 hours.

Among the top 10 cryptocurrencies by market capitalization, only Terra (LUNA) manage In order to maintain a small profit on the day.