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.