Learn How To Profit From The 2021 Cryptocurrency Bullrun Now!
Get 10% Discount Off Your Crypto Trading Commissions Now!
Get Free Bitcoins!
Within minutes of reports showing U.S. consumer prices rising and weekly wages falling, cryptocurrency prices surged on inflation fears. Bitcoin prices briefly topped US$69,000 shortly after 9 a.m. ET, according to Coingecko.
- The U.S. Bureau of Labor Statistics released two reports Wednesday morning. The first showed the consumer price index rising 6.2% for the 12 months ending October, faster than any 12-month period since 1990. A separate real-earnings report showed a 1.6% decrease in real average weekly earnings over the same period.
- Less than one month ago, Bitcoin peaked at US$67,043, according to Coingecko, the day after the successful introduction of the first U.S. Bitcoin futures exchange-traded fund.
- Recent price fluctuations in Bitcoin and changes in energy markets have economists analyzing Bitcoin’s growing role as an inflation hedge.
- In August, Chairman Jerome Powell of the U.S. Federal Reserve announced a major policy change that would allow inflation more room to rise before the Fed defensively raises interest rates.