The US Bureau of Labor Statistics revealed 6.8% inflation numbers for November. Markets, including BTC, bounced on the news.
The inflation numbers in the United States for November are out, and it appears that the Consumer Price Index is at its highest point in about 40 years. Bitcoin’s price spiked above $50K on the news, albeit briefly.
Bitcoin’s price surged by almost $2,000 in a few hours, reaching an intraday high above $50K before retracing to where it currently trades at about $49,500.
Chart by TradingView
This comes as the monthly inflation numbers in the United States became public today.
According to the US Bureau of Labor Statistics, the Consumer Price Index (read inflation) for November reached 6.8%. The numbers for December will be published on January 12, 2022.
Data from the World Bank reveals that this is the highest inflation has been in the US since 1981 when it stood at upwards of 10%.
1990 is the closest we got to this high of an inflation as the number stood at 5.4% back then.
Source: Macrotrends, World Bank
Legacy markets also bounced on the news.
At the time of this writing, the NASDAQ 100 is up 0.74%, the S&P 500 is up 0.67%, and the DJIA is up 0.45% hours after the market open.
Georgi Georgiev is CryptoPotato's editor-in-chief and seasoned writer with over four years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn
