Record-high inflation prompts investors to take a closer look at Bitcoin
Cryptocurrency values are up, but so is the price of everything else in the United States! Investor curiosity in BTC grows as data shows U.S. inflation rose to a 30-year high. Consumers in the United States and around the world continue to feel the pinch of inflation and recent data shows that the Consumer Price Index (CPI) rose 6.2% in October when compared to last year, a development which further cast doubt on the “transitory” inflation narrative coming out of the Federal Reserve.Inflation at 6.2% means that if we keep it steady for 10 years, your $100,000 will become $54,800 by then.....
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Argentine inflation numbers were revealed last week, with the interannual Consumer Price Index (CPI) registering record levels reaching 78.5%. This puts the country second only to Venezuela in Latam in terms of high inflation, with prices rising almost 8% during August, hitting the pockets of Argentines. According to a survey by Bitso, this has caused Argentines to explore cryptocurrencies as a way of keeping their purchasing power via stablecoins.
Argentine Inflation Keeps Growing, Expected to Reach 100% This Year
Inflation is becoming a big problem for some countries in Latam....
Ethereum surged to a two-month high above $1,900 on Thursday, as the token continued to rally following yesterday’s U.S. inflation report. Inflation in the United States was at 8.5% in July, giving traders some optimism on a potential gradual recovery. Bitcoin was also in the green, as prices moved closer to $25,000. Bitcoin Bitcoin (BTC) was up for a second straight session on Thursday, as prices continued to react to the latest inflation report. Following a low of $23,031.88 on Wednesday, BTC/USD surged to an intraday peak of $24,669.13 earlier today. The move saw the....
Following the record 7.5% high for January, the U.S. Labor Department’s Consumer Price Index (CPI) data shows February’s CPI metrics rose to 7.9%. The CPI data published on Thursday is a new 40-year high and month over month, inflation jumped by 0.8%. President Joe Biden is blaming the inflation spike on Russia’s invasion, as he previously warned “there will be costs at home.”
February’s CPI Data Jumps to 7.9%, US Stocks Suffer
In the U.S., there’s been a significant increase in the prices of goods and services in the American....
The month of July saw a high number of bitcoin transactions in Venezuela with August achieving a new record high as more people turn to the digital currency as the country continues to tackle the inflation of Bolivar. Venezuela is a country that is blighted by hyperinflation. According to the International Monetary Fund (IMF), Venezuela is projected to remain in a deep recession in 2016. Compared to contraction rate of 5.7 percent in 2015, 2016 saw a rise of 8 percent. Political uncertainty and the decline in the price of oil are factors affecting macroeconomic imbalances and pressures.....
As bitcoin set a new price high closer to $20,000 on Tuesday, the network also saw record-breaking user activity.