December 4, 2021
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US inflation hits 30-year high as Cryptos soar too

US inflation hits 30-year high as Cryptos soar too

 United States America  United States America

In October, the US inflation rate for consumer goods hit a 30-year high.

This surge signifies a surge of 6.2% compared to the corresponding month last year. Moreover, this spike marks the fifth consecutive monthly increase of 5% or more – the fastest annual hike since 1990.

According to the Labor Department, the price hikes were broad-based, with the highest increases happening in the categories of shelter, food, used cars energy, trucks, and new vehicles.

According to the Federal Chair and Treasury Secretary, this inflationary trend is temporary. However, it is pertinent to state that the consumers are feeling its heat, and no one is certain when it will decline.

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And economists are voicing a more discouraging message: Higher prices will last deep into next year, if not beyond.

After the inflation numbers were released on Thursday, Bitcoin rose as high as $68,744. Ethereum surged to $4,848.61. Those levels set new records for each of the digital assets.

Later, there was a bit of a pricing pullback for both of them. Bitcoin fell about 4% from its top, and Ethereum dipped nearly 2% from yesterday’s peak.

According to experts, possible reasons for the price hike of those two leading cryptocurrencies were Bitcoin’s fixed asset supply of 21 million coins, and in the case of Ethereum, its recent move to curb its supply following a significant programming update – the London Hard Fork – was the primary reason as both features are deflationary in nature. These features position both digital currencies as comprehensive shields against macro-inflationary pressures.

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