{"id":149424,"date":"2022-01-12T15:28:13","date_gmt":"2022-01-12T15:28:13","guid":{"rendered":"https:\/\/precoinnews.com\/?p=149424"},"modified":"2022-01-12T15:28:13","modified_gmt":"2022-01-12T15:28:13","slug":"bitcoin-shoots-to-44000-as-us-inflation-hits-7-8-in-december","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/bitcoin-shoots-to-44000-as-us-inflation-hits-7-8-in-december\/","title":{"rendered":"Bitcoin shoots to $44,000 as US inflation hits 7.8% in December"},"content":{"rendered":"
The latest figures from the United States Bureau of labor statistics show that the (Consumer Price Index) CPI hit 7% in December.\u00a0<\/p>\n
Bitcoin (BTC) was volatile prior to the announcement, fluctuating over $2,000 from lows of $41,000 to $43,000 on Wednesday morning. Upon release of the figures, the price continued its upward climb, touching $44,000.\u00a0<\/p>\n
Prior to the announcement, Twitter was rife with speculation. According to a poll by @coinbureau, 53% of his 580,000 followers expected CPI to overshoot the consensus estimation of 7% inflation.<\/p>\n
Macroeconomic specialist and cryptocurrency soothsayer Lyn Alden was on the money.<\/p>\n
The graph for inflation from the FED over the past 10 years is eye-opening. Since the pandemic, marked in grey, the inflation level plummeted before beginning a dizzying climb to 7%.<\/p>\n
<\/p>\n
Related: Bitcoin crash ahead? Expert warns higher inflation could whip BTC price to $30K<\/em><\/strong><\/p>\n 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 \u201clooking forward to the inflationista cope if CPI prints double digits\u201d.\u00a0<\/p>\n Inflation rates have become of paramount concern to developed countries around the world, but particularly for the United States. 7% is the highest inflation rate since the 1980s.\u00a0<\/p>\n Traditional markets including the S&P kicked off in the green, up 0.36%, while BTC was up 2.8% during the morning\u2019s action. <\/p>\n