Saturday, September 30, 2023
  • Home
  • About Us
  • Privacy Policy
  • Contact Us
No Result
View All Result
Newsway
  • Home
  • Crypto News
  • Crypto Regulation
  • Business & Finance
  • Featured
  • NFTs
  • News
  • Loans
  • Opinion
  • Games
  • Beginner’s Guide
  • Technology
  • Home
  • Crypto News
  • Crypto Regulation
  • Business & Finance
  • Featured
  • NFTs
  • News
  • Loans
  • Opinion
  • Games
  • Beginner’s Guide
  • Technology
No Result
View All Result
Newsway

US Inflation Rate Rise To 6.8% In November, A 4-Decade High; Bitcoin is fluctuating

T.I UkendebyT.I Ukende
March 27, 2022
A A
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

The U.S. Labor Department’s Consumer Price Index (CPI), closely tracked by bitcoin traders due to the cryptocurrency’s use by some investors as a hedge against inflation, has risen to its highest since the early 1980s.

The CPI for all items rose 6.8% in the 12 months through November, the highest since May 1982, when it was 6.9%. The cost-of-living increase was in line with the average forecast of economists in a Reuters survey, but it marked a sharp increase from October’s 6.2% print.

READ ALSO

Crypto.com Enhances On-Ramp Infrastructure, Expanding Fiat Deposit Options with €EUR Fiat Wallet

September 28, 2023

PiChain Mall Announces Exciting Updates for the PCM Ecosystem

September 28, 2023

Ice Network Team Unveils Ambitious Development Roadmap with Mainnet Launch Date

September 28, 2023

Stripping away the volatile food and energy component, the CPI core is at 4.9% – which is still significantly higher than Fed’s headline target of 2%.

Bitcoin, seen by a growing number of investors as a hedge against inflation, rose 2% in the minutes after the CPI data was released, trading around $50,000.

“I believe the rise in Bitcoin was more of a reflex reaction and probably won’t sustain,” said Lennard Neo, analyst at Stack Funds. “We are expecting more sideways trading as eyes shift towards central bank meeting next week.”

After the release of the October CPI data, bitcoin shot up by almost $3,000 to quickly hit a new all-time high of $68,950. But within a few hours, the move reversed completely, and prices fell as more traders shifted to focus on the logical consequence of faster inflation: monetary-policy tightening by the Federal Reserve that might crimp demand for riskier assets from stocks to cryptocurrencies.

The world’s largest cryptocurrency by market capitalization is currently trading at around $49,100, down 27% from the all-time high reached in early November when the last inflation report was released. Bitcoin is still up 69% on the year.

So far, it seems the market is welcoming the inflation numbers matching expectations.

“There was a potential risk of the Fed accelerating an interest rates rise if the numbers had surpassed expectations, but this has been severely diminished and investors seemed eager to buy to help sustain the thesis of bitcoin as an inflation hedge,” said Lucas Outumuro, head of research at IntoTheBlock.

“Today’s inflation figures were marginally less than many were fearing, but the reality is that if you’re being paid less than 7% more than you were this time last year, your purchasing power is diminishing,” said Jason Deane, crypto analyst at Quantum Economics.

He said that “The Fed has no real tools left to try and fight it and is effectively strapped into the ride with the rest of us.”

Looking ahead, Deane expects to see a rapid upward movement in gold, major indices and bitcoin.

0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

Latest Post

Crypto.com Enhances On-Ramp Infrastructure, Expanding Fiat Deposit Options with €EUR Fiat Wallet

September 28, 2023

PiChain Mall Announces Exciting Updates for the PCM Ecosystem

September 28, 2023

Ice Network Team Unveils Ambitious Development Roadmap with Mainnet Launch Date

September 28, 2023

The Pi Network Users Unite for a Historic “PI UNITY RIDE” Event

September 28, 2023

Pi Network IOU Price Surges 2.08% Ahead of Mainnet Roadmap Update in October

September 28, 2023

How Pi Network Users Can Spot Phishing Attacks

September 28, 2023
Crypto News

Crypto.com Enhances On-Ramp Infrastructure, Expanding Fiat Deposit Options with €EUR Fiat Wallet

by Terfa Ukende
September 28, 2023
0

...

Read more

PiChain Mall Announces Exciting Updates for the PCM Ecosystem

Ice Network Team Unveils Ambitious Development Roadmap with Mainnet Launch Date

The Pi Network Users Unite for a Historic “PI UNITY RIDE” Event

Pi Network IOU Price Surges 2.08% Ahead of Mainnet Roadmap Update in October

Crypto News

Crypto.com Enhances On-Ramp Infrastructure, Expanding Fiat Deposit Options with €EUR Fiat Wallet

by Terfa Ukende
September 28, 2023
0

In a move aimed at bolstering its user experience and expanding accessibility to the world of cryptocurrency, Crypto.com has unveiled...

Read more

PiChain Mall Announces Exciting Updates for the PCM Ecosystem

September 28, 2023

Ice Network Team Unveils Ambitious Development Roadmap with Mainnet Launch Date

September 28, 2023

The Pi Network Users Unite for a Historic “PI UNITY RIDE” Event

September 28, 2023

Pi Network IOU Price Surges 2.08% Ahead of Mainnet Roadmap Update in October

September 28, 2023
Previous Post

Shareholders demand reduction of banks’ mandatory Cash Reserve Ratio (CRR)

Next Post

Solana’s super fast blockchain experienced outage on Thursday—Investors traumatized

T.I Ukende

T.I Ukende

T.I Ukende is a professional writer and ICT consultant. He has written many evergreen articles for Benuecast blog, classicgist, ellabase and many others before birthing the newsway blog. Newsway delivers well researched and undiluted information on business, employment opportunities, personal finance and government empowerments.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Posts You May Like

Crypto.com Enhances On-Ramp Infrastructure, Expanding Fiat Deposit Options with €EUR Fiat Wallet

September 28, 2023

PiChain Mall Announces Exciting Updates for the PCM Ecosystem

September 28, 2023

Ice Network Team Unveils Ambitious Development Roadmap with Mainnet Launch Date

September 28, 2023

The Pi Network Users Unite for a Historic “PI UNITY RIDE” Event

September 28, 2023

Pi Network IOU Price Surges 2.08% Ahead of Mainnet Roadmap Update in October

September 28, 2023

How Pi Network Users Can Spot Phishing Attacks

September 28, 2023

How to Recover a Lost Passphrase and Protect Your Crypto Wallet

September 27, 2023

Pi Chain Mall Surpasses 15 Million PI in Transaction Volume, Showcasing Decentralized E-Commerce Success

September 27, 2023

Pi Network KYC Approval Delay Sparks Controversy Among Pioneers

September 27, 2023

Chase Bank Takes Firm Stance: Declines Payments for Bitcoin and Cryptos, Including Pi Network’s Token

September 27, 2023

McDonald’s Eyes Early Adoption of Pi Payments in El Salvador, Bolstering Crypto Acceptance

September 27, 2023

Pi Network Surpasses 2.27 Billion Pi Coins Distributed to 3.3 Million Wallets

September 27, 2023

Microsoft’s Crypto Wallet Plans for Xbox Could Boost the Pi Network Project

September 27, 2023

Elon Musk’s Endorsement Propels Pi Network Project Towards Sustainability

September 27, 2023

Crypto Influencer ‘BitBoy’ Ben Armstrong Arrested in Dramatic Livestream Outside Former Associate’s House

September 26, 2023
Next Post

Solana's super fast blockchain experienced outage on Thursday—Investors traumatized

CRYPTO: Despite El-Salvador's Crypto adoption Bitcoin continues to weaken more in Value

Categories

Beginner's Guide Business & Finance Crypto News Crypto Regulation Featured Loans News NFTs Opinion Technology
Crypto News

Crypto.com Enhances On-Ramp Infrastructure, Expanding Fiat Deposit Options with €EUR Fiat Wallet

September 28, 2023
Business & Finance

PiChain Mall Announces Exciting Updates for the PCM Ecosystem

September 28, 2023
Crypto News

Ice Network Team Unveils Ambitious Development Roadmap with Mainnet Launch Date

September 28, 2023
Crypto News

The Pi Network Users Unite for a Historic “PI UNITY RIDE” Event

September 28, 2023

Recent Posts

  • Crypto.com Enhances On-Ramp Infrastructure, Expanding Fiat Deposit Options with €EUR Fiat Wallet September 28, 2023
  • PiChain Mall Announces Exciting Updates for the PCM Ecosystem September 28, 2023
  • Ice Network Team Unveils Ambitious Development Roadmap with Mainnet Launch Date September 28, 2023
  • The Pi Network Users Unite for a Historic “PI UNITY RIDE” Event September 28, 2023
  • Pi Network IOU Price Surges 2.08% Ahead of Mainnet Roadmap Update in October September 28, 2023
  • Home
  • Crypto News
  • Crypto Regulation
  • Business & Finance
  • Featured
  • NFTs
  • News
  • Loans
  • Opinion
  • Games
  • Beginner’s Guide
  • Technology

© 2023 Newsway -Nigeria's Top News Platform About us.

No Result
View All Result
  • Home
  • Crypto News
  • Crypto Regulation
  • Business & Finance
  • Featured
  • NFTs
  • News
  • Loans
  • Opinion
  • Games
  • Beginner’s Guide
  • Technology

© 2023 Newsway -Nigeria's Top News Platform About us.