The price of bitcoin surged Wednesday morning after the U.S. Department of Labor released data showing a sharp rise in the price of consumer goods—stoking investor fears about mounting inflation.
Bitcoin traded above $69,000 after the department said that the consumer price index (CPI) increased at its fastest clip since 1990. The CPI—which tracks the pricing of goods and services ranging from gasoline to rent—picked up 6.2%, while the CPI increased 0.9% on a monthly basis.
Stocks, meanwhile, kicked off Wednesday’s trading session in the red, with the benchmark S&P 500 trading down 0.29% at the time of writing. At last check, bitcoin was trading at $68,356.
More from The Block Crypto
With Poloniex action, Canada’s securities regulators get serious about crypto exchange oversight
Source Node: 893361
Time Stamp: Jun 1, 2021
DeFi trading platform dYdX opens access to its governance token
Source Node: 1063428
Time Stamp: Sep 8, 2021
Crypto tax firm Zenledger raises $6 million amid Senate infrastructure bill battle
Source Node: 1012232
Time Stamp: Aug 3, 2021
Bug impacting over 50% of Ethereum clients leads to fork
Source Node: 1048323
Time Stamp: Aug 27, 2021
A crypto project is using up whole Ethereum blocks and turning them into NFTs
Source Node: 1167953
Time Stamp: Feb 7, 2022
Exploding Kittens creator releases 3D-printable NFT collection for new tabletop game
Source Node: 1147656
Time Stamp: Jan 19, 2022
Bitcoin price shoots up toward $48,000, adding $4,000 within hours
Source Node: 1091690
Time Stamp: Oct 1, 2021
Senator Cynthia Lummis touts bitcoin as a retirement strategy
Source Node: 951016
Time Stamp: Jun 29, 2021
CEO sentenced to 6 years for COVID relief fraud, ICO fraud and more
Source Node: 1024955
Time Stamp: Aug 11, 2021
Stellar Development Foundation invests $15 million in Latin American crypto startup Airtm
Source Node: 881022
Time Stamp: May 25, 2021
China expands digital yuan reach with its latest giveaway trial in Shanghai
Source Node: 907205
Time Stamp: Jun 7, 2021