{"id":4620,"date":"2022-01-12T16:09:24","date_gmt":"2022-01-12T16:09:24","guid":{"rendered":"http:\/\/egrowonline.com\/?p=4620"},"modified":"2022-01-12T16:09:24","modified_gmt":"2022-01-12T16:09:24","slug":"bitcoin-shoots-to-44000-as-us-inflation-hits-7-8-in-december","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=4620","title":{"rendered":"Bitcoin shoots to $44,000 as US inflation hits 7.8% in December"},"content":{"rendered":"


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The latest figures from the United States Bureau of Labor Statistics show<\/a> that the Consumer Price Index (CPI) hit 7% in December 2021.<\/p>\n

Bitcoin (BTC<\/a>) was volatile prior to the announcement, fluctuating by over $2,000 from lows of $41,000 to $43,000 on Wednesday. Upon release of the figures, the price continued its upward climb, touching $44,000.\u00a0<\/p>\n

Prior to the announcement, Twitter was rife with speculation. According to a Twitter\u00a0poll, 53% of Coin Bureau\u2019s 580,000 followers had\u00a0expected<\/a>\u00a0the CPI to overshoot the consensus estimation of 7% inflation.<\/p>\n

Macroeconomic specialist and cryptocurrency soothsayer Lyn Alden was on the money.<\/p>\n

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December CPI comes out tomorrow and has a decent shot at reaching 7%+ year-over-year.<\/p>\n

But then unless monthly inflation accelerates from here, the year-over-year figure will likely peak within Q1 2022. pic.twitter.com\/7hjA3ehAXI<\/a><\/p>\n

\u2014 Lyn Alden (@LynAldenContact) January 11, 2022<\/a><\/p><\/blockquote>\n

The graph for inflation from the Fed over the past 10 years is eye-opening. Since the pandemic, marked in gray, the inflation level plummeted before beginning a dizzying climb to 7%.<\/p>\n

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Related:\u00a0<\/em><\/strong>Bitcoin crash ahead? Expert warns higher inflation could whip BTC price to $30K<\/em><\/strong><\/a><\/p>\n

Castle Island Ventures\u2019 Nic Carter was more tongue-in-cheek prior to the data update. In anticipation of more inflation rises, he joked<\/a> that he was \u201clooking forward to the inflationista cope if CPI prints double digits.\u201d<\/p>\n

Inflation rates have become of paramount concern to developed countries around the world, but particularly for the United States. Seven percent is the highest inflation rate since the 1980s.\u00a0<\/p>\n

Traditional markets such as the S&P kicked off in the green, up 0.36%, while BTC was up 2.8% during the action. <\/p>\n<\/div>\n


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The latest figures from the United States Bureau of Labor Statistics show that the Consumer Price Index (CPI) hit 7% in December 2021. Bitcoin (BTC) was volatile prior to the announcement, fluctuating by over $2,000 from lows of $41,000 to $43,000 on Wednesday. Upon release of the figures, the price continued its upward climb, touching […]<\/p>\n","protected":false},"author":1,"featured_media":4621,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[37],"tags":[50,806,259,927,3469],"class_list":["post-4620","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-december","tag-hits","tag-inflation","tag-shoots"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/01\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDEvODAyZjA1MzQtY2U0NC00ZmJlLTk4ZjUtN2U1ZTFiZjdhMjE3LmpwZw.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/4620","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4620"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/4620\/revisions"}],"predecessor-version":[{"id":4622,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/4620\/revisions\/4622"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/4621"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4620"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4620"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4620"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}