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Home Bitcoin

Bitcoin Price Nears $41,000 As U.S Inflation To 8.5%

April 12, 2022
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Bitcoin has been holding on above the $40,000 mark as U.S. inflation rose to yet another 40-year high of 8.5%, according to data released by the U.S. Bureau of Labor Statistics (BLS) Tuesday morning.

Bitcoin
Bitcoin Price Nears $41,000 As U.S Inflation To 8.5%

Inflation numbers for last month, scored by the Consumer Price Index (CPI), denoted the biggest annual jump in prices since 1981. The 8.5% inflation rate came above market expectations and surpassed the 8.4% level last seen in January 1982.

The bitcoin price held its ground above $40,000 as U.S. CPI numbers were released. The peer-to-peer (P2P) digital currency trades around $40,500 at press time, denoting a 2.5% daily gain.

Bitcoin saw a sharp sell-off on Monday as it dropped below the $40,000 level

Bitcoin
Bitcoin Price Nears $41,000 As U.S Inflation To 8.5%

The digital money dropped from $42,400 to $39,200 yesterday in a 6.19% drop, according to TradingView data. The relief rally now calms traders as the key $40,000 level is maintained.

Bitcoin decoupled from the Nasdaq this morning as inflation numbers were revealed. The duo, which is said to have a high correlation, denotes opposite results at press time as the Nasdaq 100 index trades on a 2.35% loss.

Gasoline, shelter and food were the biggest contributors to the new all items CPI reading, BLS said. Gasoline prices alone increased by 18.3% in March and accounted for over half of the all items monthly increase. Energy rose 32% over the last year, while the food index saw the largest one-year increase since May 1981, at 8.8%.

The all items index denoted the largest 12-month increase since the period ending December 1981, whereas the all items less food and energy index saw the largest 12-month change since the period ending August 1982, at 6.5%.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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CoinCu News

Inflation finally has fallen to 8.3%, but Bitcoin is still struggling below $30,000

Bitcoin And Stock Prices Rise As US Inflation Reaches New Highs Not Seen Since 1981

Expert warns that high inflation could push Bitcoin price to $ 30,000

Tags: # Cryptocurrencies#Bitcoin#BTC#MarketscryptomarketpriceU.S
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