Bitcoin (BTC) revisits $50,000 as US inflation hits 39-year high

The Labor Department reported Friday that the Consumer Price Index had reached a 39-year year-over-year growth peak of 6.8%, adding 0.8% in November.

While the figure was in line with analysts’ expectations, this still pushed the price of Bitcoin roughly 2.5% higher. The largest cryptocurrency has once again surpassed the psychologically important level of $50,000 after dipping to an intraday low of $47,440 earlier today on the Bitstamp exchange.

Nasdaq and S&P 500 e-mini futures are also in the green.

A month ago, Bitcoin hit its current all-time high of $69,000 on hotter-than-expected inflation data. However, the cryptocurrency failed to hold onto these gains, currently trading down 28% from the peak.

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