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Wednesday, November 30, 2022

Bitcoin Price Taps $44K as Inflation Comes in at 7% for December

The BTC price is rallying today, following quite a few days in the red. At the time of this writing, bitcoin sits at $44K, up 6% in the past 24 hours.

  • Bitcoin is down 3.9% in the past seven days, but today alone, the cryptocurrency is doing its best to erase the recent losses.
  • At the time of this writing, BTC sits at $44K, and it’s up 6% in the last 24 hours alone.
Source: TradingView
  • This doesn’t seem to have happened without a reason.
  • Just a few hours ago, the US Bureau of Labor Statistics released the inflation numbers for the past month.
  • The Consumer Price Index (CPI), which is a measure of the average change over time in the prices that are paid by consumers for a basket of consumer goods and services, clocked in at 7%, up 0.2% from November.
  • Interestingly enough, this number is up 5.5% in the past year alone, and it’s currently sitting at its highest point in decades.
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