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Bitcoin jumps past $50K as US CPI data shows highest inflation in nearly 40 years

Bitcoin jumps past $50K as US CPI data shows highest inflation in nearly 40 years

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

Bullish

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

Still rangebound

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
  • bitcoinBitcoin (BTC) $ 19,336.26
  • ethereumEthereum (ETH) $ 1,320.90
  • tetherTether (USDT) $ 0.999843
  • usd-coinUSD Coin (USDC) $ 1.00
  • bnbBNB (BNB) $ 280.53
  • xrpXRP (XRP) $ 0.438715
  • binance-usdBinance USD (BUSD) $ 1.00
  • cardanoCardano (ADA) $ 0.431226
  • solanaSolana (SOL) $ 33.33
  • dogecoinDogecoin (DOGE) $ 0.060030

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