Bitcoin climbs to $ 44,000 as U.S. inflation hit 7.8% in December

The latest figures from the US Bureau of Labor Statistics show that the CPI (Consumer Price Index) hit 7% in December.

Bitcoin (BTC) was volatile prior to the announcement, fluctuating above $ 2,000 on Wednesday morning, from lows of $ 41,000 to $ 43,000.. After the numbers were released, the price continued to climb and hit $ 44,000.

Before the announcement, Twitter was full of speculation. after a opinion poll @Coinbureau 53% of its 580,000 followers expected the CPI to beat the consensus estimate of 7% inflation.

Bitcoin climbs to $ 44,000 as U.S. inflation hit 7.8% in December
Bitcoin climbs to $ 44,000 as U.S. inflation hit 7.8% in December

Macroeconomics specialist and cryptocurrency fortune teller Lyn Alden was in the money.

December CPI is released tomorrow and has a good chance of reaching over 7% year over year.

However, unless monthly inflation accelerates from here, the yearly value is likely to peak in the first quarter of 2022.

The Fed’s inflation curve over the past 10 years is instructive. Since the pandemic highlighted in gray, inflation levels have plummeted before rising steeply to 7%.

Castle Island Ventures’ Nic Carter was more ironic ahead of the data update. In anticipation of a further rise in inflation, joked said looking forward to inflation cover when CPI hits double digits.

Inflation rates have become a major problem for developed countries around the world, but especially for the United States. 7% is the highest rate of inflation since the 1980s.

Traditional markets, including SP, started green, up 0.36%, while BTC rose 2.8% over the course of the morning.

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