Bitcoin Briefly Pumps As US Inflation Breaks Another 40-Year High

Bitcoin Briefly Pumps As US Inflation Breaks Another 40-Year High

The US Bureau of Labor Statistics (BLS) unveiled the Consumer Price Index (CPI) studying for March 2022 earlier in the present day. It confirmed year-over-year inflation at 8.5%, breaking one other 40-year excessive.

The CPI tracks the costs of widespread shopper items within the United States, corresponding to meals, power, shelter, and transportation. The BLS updates month-to-month CPI figures roughly ten days into every following month.
This month exhibits an all objects index improve of 8.5% from final March, up from February’s 7.9% annual studying. This is reportedly the best determine seen since December 1981.
However, many Bitcoiners suspect that inflation is worse than is being reported. “Inflation is worse than you think, and Bitcoin is better than you know,” tweeted MicroStrategy CEO Michael Saylor in the present day.
According to the report, gasoline, shelter, and meals have been the biggest contributors to the rise. Gasoline alone accounted for half of the all-items improve, up 18.3% from final month alone. Over the final yr, it’s performed up 32%.
Soaring gasoline costs have been a pertinent difficulty since President Biden enforced sanctions in opposition to Russian oil imports.
By comparability, the meals index rose by 1% from final month, whereas the meals at house index rose 1.5%. Over the yr, it’s up 8.8%.
Bitcoin’s worth has a slight tendency to react to inflation information. Its affiliation with “digital gold” leads some to consider it as an inflation hedge, although its worth has tracked shares most precisely in latest months.
Today, Bitcoin managed to claw again above $40,500 because the inflation numbers dropped, however later dropped again under $40,000 once more. It’s value $39,639 on the time of writing.
Similarly, the S&P 500 gained 1% on the open in the present day.

Bitcoin / USD. Source: TradingView
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