Bitcoin

Bitcoin And Stock Prices Rise As US Inflation Reaches New Highs Not Seen Since 1981

Bitcoin (BTC) saw a brief boost on April 12 after the United States saw its highest Consumer Price Index (CPI) data since 1981.

Bitcoin And Stock Prices Rise As US Inflation Reaches New Highs Not Seen Since 1981

Analyst: Inflation echoes “mythical stories”

Data from TradingView showed BTC/USD spiking $400 instantly as the data was released.

U.S. CPI was up 8.5% year on year and rose 1.2% in March alone, according to the U.S. Bureau of Labor Statistics.

The most in over 40 years, the results showcased the inflationary pressures active throughout the economy and implied that the Federal Reserve had much ground to make up. Criticism of the Fed was everywhere, including from the likes of traditional economists such as Steve Hanke.

“U.S. CPI came in at *8.5%* level, which means that inflation is likely already in the double digits,” Gabor Gurbacs, director of digital assets strategy at VanEck, responded

“A few years ago these type of numbers were mythical stories associated with Venezuela, Argentina, Zimbabwe and Weimar. Central banks have failed. It’s time for plan ₿.”

Bitcoin’s reaction was in line with correlated stock markets, the S&P 500 likewise gaining 1% on the open and Asian markets recovering from previous losses.

“Inflation is worse than you think, and Bitcoin is better than you know,” MicroStategy CEO Michael Saylor commented, echoing Gurbacs.

Will RSI deliver for bulls again?

Bitcoin And Stock Prices Rise As US Inflation Reaches New Highs Not Seen Since 1981

On-chain signals were meanwhile giving hope to some analysts on the day despite BTC/USD losing $40,000 support overnight.

Chief among these was Bitcoin’s relative strength index (RSI), now eyed as a potential pretext for a trend turnaround.

Returning to a reading of 35 this week, RSI thus printed a pattern, which historically saw upside ensue, popular Twitter account BTCfuel noted.

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.

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Annie

CoinCu News

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

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