US Inflation Reaches 40-Year High…What Impact Does This Have on Bitcoin?
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Answer US Inflation Reaches 40-Year High…What Impact Does This Have on Bitcoin?
As is usual and periodically, the US Bureau of Labor Statistics “BLS” reveals a reading of the monthly consumer price index, which is presented on the tenth day of the following month.
According for data In the last month of March 2022, year-on-year inflation was estimated at 8.5%, breaking its highest level in 40 years.
The Consumer Price Index tracks the prices of common consumer goods in the United States, such as food, energy, shelter, and transportation.
The BLS updates monthly CPI numbers approximately ten days each month.
This month shows an increase in the All Consumer Materials and Services index by 8.5% from last March, up from the annual reading for February of 7.9%.Read:Vitalik Buterin presents proposals for the development of the EOS network
According to the data and figures, this is the highest number seen since December 1981.
Inflation in the USA and Bitcoin:
Many Bitcoin enthusiasts believe that inflation is worse than advertised.
MicroStrategy CEO Michael Saylor tweeted in the last 24 hours:
Inflation is worse than you think, and Bitcoin is better than you know.
According to the BLS report, gasoline, shelter and food were the biggest contributors to the recent increase.
Gasoline alone accounted for half of the increase in all items, up 18.3% from last month alone.
Over the past year, a 32% increase has been achieved.
High gas prices have been closely related since President Biden imposed sanctions on Russian oil imports.
In comparison, the food index was up 1% from last month, while the home food index was up 1.5%. Over the year, it rose 8.8%.
Bitcoin price tends to react slightly to inflation news.
With its nickname “digital gold,” some see it as a way to hedge against inflation, although its price has tracked stocks more closely in recent months.Read:Coinbase Acquires Cryptocurrency Custody Startup
Today, Bitcoin has not yet managed to recover the $40k level despite its slight rally after the release of inflation data in the USA.
Similarly, the S&P 500 was up 1% at the opening of the day.
The bottom line is that the impact of US inflation is not yet visible on Bitcoin, which is still fluctuating below the $40K level.
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