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Cryptocurrency

12 Dec 2021

Bitcoin Jumps over $50K Rallying Amid the Highest Inflation in 40 Years

The Index Today

On December 10, Bitcoin (BTC) was recorded to surge over $1,000 amid the U.S Consumer Price Index (CPI) data released inflation in November was worse than forecasted. In addition to this, data from TradingView showed that BTC/USD running to $50,132 on Bitstamp.

CPI data report had been awaited by both crypto and traditional finance analysts alike, with options favoring at least a 6.7% year-on-year increase for November and even 7%. The numbers broadly conformed to conservative guesses in the event, reaching 6.8%. In fact, the CPI outcome is at its highest in almost 40 years.

Therefore, Bitcoin’s short-term successes did not last long. At the time of writing, BTC/USD is back to $48,914.82.

Meanwhile, Bloomberg Senior Commodity Strategist Mike Mcglone predicts 2022 to be a prosperous year for Bitcoin and gold. He assumes that BTC will beat $100,000, while the precious metal will trade at $2,000.
In addition, the American dollar is slowly losing its purchasing power Bitcoin is considered by many as the exact opposite. At the same time, Mike McGlone predicted that “deflationary forces” will prevail next year and inflation will stop spreading across the globe.

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