The Consumer Price Index for December clocked in at 7%. Bitcoin surged to $44K in response.
The BTC price is rallying today, following quite a few days in the red. At the time of this writing, bitcoin sits at $44K, up 6% in the past 24 hours.
Bitcoin is down 3.9% in the past seven days, but today alone, the cryptocurrency is doing its best to erase the recent losses.
At the time of this writing, BTC sits at $44K, and it’s up 6% in the last 24 hours alone.
Source: TradingView
This doesn’t seem to have happened without a reason.
Just a few hours ago, the US Bureau of Labor Statistics released the inflation numbers for the past month.
The Consumer Price Index (CPI), which is a measure of the average change over time in the prices that are paid by consumers for a basket of consumer goods and services, clocked in at 7%, up 0.2% from November.
Interestingly enough, this number is up 5.5% in the past year alone, and it’s currently sitting at its highest point in decades.
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
