Lens1000
VIP Contributor
After the US Labor Department released its Consumer Price Index (CPI) report for December, which showed a 7.1% increase, the most since June 1982, the prices of key cryptocurrencies increased.
In December, the core CPI in the United States reached 5.5 percent, the highest level since February 1991.
As a result, the widely studied CPI revealed an increase in inflation, which may prompt the Federal Reserve to tighten monetary policy forcefully in the coming months.
In December, the Consumer Price Index (CPI) for all items in the United States increased by 7.0 percent on an annual basis, compared to 6.8 percent in November.
Bitcoin prices quadrupled in 2020 and increased by almost 60% last year as speculators predicted that the Federal Reserve's lax monetary policies would lead to a rapid rise in consumer prices.
The highest inflation rate in over 40 years comes only one day after Federal Reserve Chair Jerome Powell testified before Congress that the central bank will reduce support to avoid higher inflation from becoming entrenched, stating, "If we have to raise interest rates, we will."
Bitcoin rose from $43,000 just before the report was released at 8:30 a.m to $44,000 in less than 30 minutes.
The BTC as the power to curb the inflation ravaging the economy of the US. Miami used to reduce inflation to the barest minimum.
In December, the core CPI in the United States reached 5.5 percent, the highest level since February 1991.
As a result, the widely studied CPI revealed an increase in inflation, which may prompt the Federal Reserve to tighten monetary policy forcefully in the coming months.
In December, the Consumer Price Index (CPI) for all items in the United States increased by 7.0 percent on an annual basis, compared to 6.8 percent in November.
Bitcoin prices quadrupled in 2020 and increased by almost 60% last year as speculators predicted that the Federal Reserve's lax monetary policies would lead to a rapid rise in consumer prices.
The highest inflation rate in over 40 years comes only one day after Federal Reserve Chair Jerome Powell testified before Congress that the central bank will reduce support to avoid higher inflation from becoming entrenched, stating, "If we have to raise interest rates, we will."
Bitcoin rose from $43,000 just before the report was released at 8:30 a.m to $44,000 in less than 30 minutes.
The BTC as the power to curb the inflation ravaging the economy of the US. Miami used to reduce inflation to the barest minimum.
