The Department Of labor said earlier on Friday that the Consumer Price Index achieved a 39-year high in the year-over-year rise of 6.8 percent in November, gaining 0.8 percent. Whilst the result was in accordance with experts’ forecasts, it nonetheless resulted in a 2.5 percent increase in the price of Bitcoin. Following plunging to an intraday low of $48,440 later today on the Bitstamp market, the biggest cryptocurrency has yet again crossed the vitally critical barrier of $50,000.
BTC/USD 1 DAY PRICE CHART: SOURCE- COINMARKETCAP.COM
The Nasdaq and S&P 500 e-mini futures are also up. Bitcoin reached its latest all-time peak of $69,000 a month earlier, thanks to stronger-than-expected inflation figures. Nevertheless, the cryptocurrency was unable to cling to these advances and is presently selling below 28% from its high.
The CPI data will almost certainly have an impact on the Federal Reserve’s cutting stance. In the coming week, Fed officials will gather for a two-day conference.
However, at the reporting time, the leading cryptocurrency is presently trading a price around $49k, gaining +0.02% for the day.