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As Inflation Rises 7%, Bitcoin Surges to 44k

After trading in the negative for days in a row, Bitcoin (BTC) gained 6% in 24 hours, hitting 44k after inflation stats came in.

As the US Bureau of Labor Statistics shows inflation of 7% for the month of December, Bitcoin (BTC) in turn incurs a surge of 6%, currently trading just below 44k. 

After trading in the negative for days in a row, Bitcoin (BTC) gained 6% in 24 hours, hitting 44k. 

The stats of last week show that Bitcoin (BTC) incurred a downturn of 3.9% in the last 7 days, but today was a good day in terms of making up for the deficit. At the time of publication, Bitcoin (BTC) is currently trading at $43,860.27, just under the high it reached earlier on Wednesday. 

Evidently, this surge is not a coincidence, given that the inflation stats were released by the US Bureau of Labor Statistics. The CPI or Consumer Price Index increased by 0.2% since November to reach 7% in December. The CPI Index measures the average price change over time that consumers pay for goods and services. 

The CPI index marked a 5.5% increase in a year and at the time being it’s the biggest percentage seen in years. 

Also read: 

Jack Dorsey Announces Fund to Defend Bitcoin Developers

BTC has Become an Integral Part of Digital Asset Revolution Says IMF

Andre Iguodala to Receive Part of Annual Salary in BTC

New NFT Marketplace for Photography Created by The Associated Press

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