The Labor Department said Friday that the Consumer Price Index had reached a 39-year high of 6.8 percent in November.
Although the figure exceeded the analysts’ expectations, this still pushed the price of Bitcoin roughly 2.5 percent higher. The largest cryptocurrency has once again surpassed the psychologically important level of $50,000 after dipping to an intraday low of $47,440 earlier today on the Bitstamp exchange.
Bitcoin fell dramatically last month after it hit its all-time high of $69,000 on hotter-than-expected inflation data. It’s down more than a third from its peak since then.
The Consumer Price Index (CPI) is expected to remain under pressure in the coming months, which should influence the Federal Reserve’s tapering policy. Next week, Fed officials are scheduled to have a two-day meeting.
Bitcoin at 39-year high
If you’re new to bitcoin, you may not know that it’s not a stock, but rather an alternative form of currency. That’s right, you can now buy goods with bitcoin. In fact, many online retailers now accept bitcoin, and many major retailers like Microsoft and Overstock are accepting it as payment. For a list of the most popular websites that accept bitcoin, check out our post here. As of today, there are around 2,100 active bitcoin wallets available. If you don’t have a bitcoin wallet, you can sign up for one of the most reputable bitcoin exchanges, such as Coinbase, which allows you to buy and sell bitcoin with your traditional currency. You can also use a credit card or debit card to purchase bitcoin.
In conclusion, for the first time in the history of the market, the price of one bitcoin surpassed the price of an ounce of gold on Sunday night. The price of digital currency has seen an increase of around 100% since the beginning of the year. Bitcoin continues to gain popularity among investors as it becomes more accessible, but some countries continue to see it as a risky investment. Bitcoin has also become a hot topic in the mainstream media.
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