Bitcoin Recovers After The US Reports The Worst Inflation In 41 years.

Bitcoin regained past US$20,000 on Thursday morning in Asia, after a 3.4% drop in an hour following the announcement of the United States’ fastest inflation growth in 41 years.

According to the latest Consumer Price Index report released on Wednesday, inflation in the United States rose 9.1% in June compared to a year ago, indicating that the Federal Reserve’s aggressive interest rate increases have done little to curb rising prices thus far.

This is a 1.3% increase over the previous month, the highest since 2005, as the ongoing conflict in Ukraine and supply chain backlogs in China contribute to rising consumer prices.

The Fed was expected to raise rates another 75 basis points this month, but due to rampant inflation, the Fed may consider an even more aggressive approach.

All of the coins in the CoinMarketCap top ten were up this morning in Asia, following a sharp drop following the announcement.

The Dow Jones Industrial Average and S&P 500 Index both fell by less than 1%, while the NASDAQ Composite Index fell by only 0.15%.

While Bitcoin was once thought to be a hedge against inflation, it has begun to trade like a risk asset, losing 55% of its value this year.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Patrick

CoinCu News