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Bitcoin Jumps to New High as U.S. Inflation Hits 6.2%
After passing a $3 trillion market cap yesterday, with Bitcoin making another all-time high of $68,742.31, the crypto market started to hand over some of it gains. Although the announced Consumer Price Index figures initially made crypto prices surge, the past twelve hours saw markets decline, with most of the top 10 cryptocurrencies registering losses after Chinese real estate giant Evergrande disclosed some bad news.
According to the CPI released by the U.S. Labor Department, the cost of living in the U.S. rose 6.2% in October compared to a year ago, the fastest rate in thirty years since the early 90’s. The core inflation rate, which discounts the food and energy component, rose 4.6%.
The report states that the spiking inflation was “broad-based, with increases in the indexes for energy, shelter, food, used cars and trucks and new vehicles among the larger contributors.”
The inflation report came in hot this morning at 6.2% pic.twitter.com/lT33yqKD8n
— Lyn Alden (@LynAldenContact) November 10, 2021
With inflation woes increasing, store-of-value assets like Bitcoin and gold are perceived as important investments and a hedge against uncertainties. Bitcoin’s reaction to the CPI is an obvious tell that investors are fleeing towards this secure option.
Overnight, the crypto markets lost some of it gains as the deeply indebted China Evergrande Group had failed to pay at some of its international investors interest payments on its outstanding bonds. The real estate developer is an important factor in the financial market, including crypto. Traders act cautiously to see the effect play out on Thursday when U.S. markets open for trading.
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Author: Peter Siu