According to the US Labor Department, the Consumer Price Index is at a 39-year YoY growth peak of 6.8%. This figure came as no surprise as analysts had earlier foreshadowed it. Furthermore, the CPI increased by 0.8% in the month of November alone. This recent CPI report will most likely have a huge impact on the Federal Reserve’s decision to taper assets purchase.
As a result of the CPI increase, the largest crypto by market cap Bitcoin (BTC) is changing hands at approximately 2.5% higher. This means that BTC has revisited the pivotal threshold of $50K after trading as low as $47,440 earlier in the day. The leading crypto swung between gains and losses at the $50K price level after one of the largest one-day selloffs this year.
BTC attained a current record high of about $69K a month ago, after riding the back of surging inflation data. However, the leading digital currency failed to retain these gains, and subsequently traded down 28% from its highest high.
In addition, the NASDAQ and S&P 500 e-mini futures are also trading up.
Pseudonymous Dutch investor and proponent of the Bitcoin stock-to-flow (S2F) model PlanB reiterated earlier last month that BTC would hit $100k end-of-year. PlanB made this assertion even as the five-month rally of the prominent crypto appeared to be tapering off. However, some other market observers do not think this is possible anymore.
Image Credits: Pixabay
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