Bitcoin spikes with stocks as US inflation hits highest since 1981

A close up of a sign Bitcoin

Bitcoin spikes with stocks as US inflation hits highest since 1981

The Fed gets some serious heat as CPI numbers show just how quickly prices are rising for U.S. consumers.

Bitcoin spikes with stocks as US inflation hits highest 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.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Analyst: Inflation echoes “mythical stories”

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

The 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. 

As Cointelegraph reported, BTC price predictions included a leg down to $30,000 in June as a result of the macro picture.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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