The newest numbers from the US Bureau of Labor Statistics show that the consumer price index (consumer price index) hit 7% in December.
Bitcoin (BTC) was volatile prior to the announcement, fluctuating over $ 2,000 from lows of $ 41,000 to $ 43,000 on Wednesday morning. After the numbers were released, the price continued its upward trend and hit $ 44,000.
Before the announcement, Twitter was full of speculation. after a opinion poll of @coinbureau, 53% of its 580,000 followers expected the CPI to beat the consensus estimate of 7% inflation.
Macroeconomics specialist and cryptocurrency fortune teller Lyn Alden was on the money.
December CPI will be released tomorrow and has a good chance to hit above 7% YoY.
However, unless monthly inflation accelerates from here, the prior-year figure is likely to peak in the first quarter of 2022. pic.twitter.com/7hjA3ehAXI
– Lyn Alden (@LynAldenContact) January 11, 2022
The chart of the Fed’s inflation over the past 10 years is eye-opening. Since the pandemic highlighted in gray, inflation levels plummeted before beginning a dizzying spike to 7%.
Nic Carter of Castle Island Ventures was winking before the data update. In anticipation of further increases in inflation, he joked that he “looks forward to the inflationary response when the CPI prints in double digits”.
Inflation rates have become an extremely important issue for developed countries around the world, but especially for the United States. 7% is the highest rate of inflation since the 1980s.
Traditional markets, including S&P, started in the green, up 0.36%, while BTC rose 2.8% during morning action.
