Bitcoin (BTC) surged over $1,000 in seconds on Dec. 10 as the United States Consumer Price Index (CPI) data showed inflation in November was worse than anticipated.
BTC/USD 1-hour candle chart (Bitstamp). Source: TringView
November CPI conforms to expectations
Data from Cointelegraph Markets Pro and TringView showed BTC/USD running to $50,132 on Bitstamp as the data became public Friday.
An hour before the Wall Street open, the pair h alrey hit its highest level in over 24 hours.
CPI h been hotly awaited by both crypto and tritional finance analysts alike, with opinions favoring at least a 6.7% year-on-year increase for November, and even over 7%. In the event, the numbers broly conformed to conservative guesses, reaching 6.8%.
CPI below expectations
all markes popping
— Alex Krüger (@krugermacro) December 10, 2021
The results nonetheless mean that inflation on CPI is at its highest in almost 40 years.
U.S. CPI data chart. Source: U.S. Bureau of Labor Statistics
Bitcoin’s short-term successes did not last long, with BTC/USD back under $50,000 at the time of writing.
Related: Bitcoin could hit $100K, gold $2K in 2022 thanks to ‘deflationary forces’ — Bloomberg analyst
The largest cryptocurrency remained trapped in a range with no visible upside bias, this requiring a break above $53,600 to change, analysts previously argued.
Yes, there’s been a decent amount of volatility for #BTC recently
In fact, $BTC has been threatening to lose this red support throughout the week but failing to confirm a breakdown
BTC has returned above red yet again
Still holding here until further notice#Crypto #Bitcoin pic.twitter.com/739hdAooiI
— Rekt Capital (@rektcapital) December 10, 2021
Altcoins were unmoved by the CPI event, with Ether (ETH) still down 1.3% over the past 24 hours.
Out of the top 10 cryptocurrencies by market capitalization, only Terra (LUNA) managed to eke out a small gain on the day.
META ARTICLE: Bitcoin jumps past $50K as US CPI data shows highest inflation in nearly 40 years PUBLISHED: 2021-12-10 13:53:49 SOURCE: https://cointelegraph.com/news/bitcoin-jumps-past-50k-as-us-cpi-data-shows-highest-inflation-in-nearly-40-years