Home Business Bitcoin Price Hits $19,000 While CPI Recorded 9.1% In June

Bitcoin Price Hits $19,000 While CPI Recorded 9.1% In June

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The US Consumer Price Index (CPI) recorded 9.1% in June, soaring to its highest level in 41 years, while Bitcoin kept its lead at the $19,000 level.

As of 7:38 a.m. on the 14th, on CoinMarketCap, a global coin market relay site, Bitcoin recorded $19,896, up 2.34% from 24 hours ago. Bitcoin traded between a high of $19,932 and a low of $18,999 on that day.

Shortly after the CPI was announced, Bitcoin collapsed at $19,000 and once pushed back to the $18,000 level.

The CPI for June announced by the US Department of Labor last night rose by 9.1%, 0.3 percentage points higher than analysts and market forecasts, which were around 8.8%. This is the largest increase in 41 years since November 1981 (9.6%).

There was a forecast that the CPI had reached a ‘peak’ when the CPI recorded 8.5% in March, but after a brief pause at 8.3% in April, it recorded 8.6% in May. Since then, it has risen to 9.1% last month, showing that the inflation trend is not slowing down.

The reason Bitcoin is showing an upward trend even though the CPI recorded a 41-year high and exceeded the market expectation (Bloomberg 8.8%), it is believed that the CPI is a representative post-recession indicator.

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I am a contributor to Advancetec.co.uk. I am fascinated by technology overall, especially crypto and it's potential to disrupt the global financial system. But until that future comes, I am perfectly content immersing myself in gaming, movies, gadgets, and all of the other wonders of the modern world.