Bitcoin Surges To Record Highs As US Inflation Soars

Bitcoin hit a new record high today, touching $69,000 for the first time as inflation data from the U.S. Department of Labor showed the highest annual jump in consumer prices since 1990. The consumer price index (CPI) increased 6.2% from October 2020, exceeding the 5.4% rate registered in September and fueling the inflation hedge narrative for Bitcoin further.

Energy, shelter, food, used cars and trucks, and new vehicles are among the most significant contributors to the rising index, which weighs a basket of goods and services to gauge monthly and annual increases in prices for the U.S. consumer.

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