U.S. Inflation Surges to 30-year High, Driving Top Cryptos to Record Highs -Breaking
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U.S. inflation reaches a 30-year high, driving top cryptos to record heightsAccording to U.S. Labor Department data, October’s inflation rate of consumer goods and services was at its highest point in 30 years. That is a 6.2 percentage increase compared with the previous year. The increase was 5 percent per month or more and marked the fastest annual rise since 1990.
According to the Labor Department’s Wednesday announcement, price rises are broad-based. The largest increase in prices occurred in the areas of shelter, food and energy. Specifically, the energy index rose 4.8 percent last month, as the gasoline index increased 6.1 percent – other major energy sectors rose as well.
From a month-to-month basis in 2021, inflation increased a seasonally adjusted 0.9 percent in October – representing a more than double increase from the 0.4 percent rise in September, while also matching June’s 0.9 percent pace. The Bureau of Labor Statistics provides this graph that displays the month-to-month breakdown of inflation over the past four year.
After the inflation numbers were released at 8:30am ET yesterday, rose as high as $68,744 at 9:19am and climbed to $4,848.61 at 11:14am – each setting new records. As of writing this, they had both fallen nearly 4 percent. These coins are both very bullish, with their prices nearly doubling since June.
Possible reasons for the earlier price surge for these two leading cryptocurrencies are Bitcoin’s fixed asset supply of 21 million coins, and Ethereum’s recent move to limit its own supply by burning miner rewards as part of its EIP- 1559 upgrade in August. These features, which are both deflationary by nature, position digital currencies to be effective protection against inflationary pressures.
To The Flipside
- Bitcoin was designed to give individuals greater economic equality while protecting their finances from policy vagrancy.
Why you should care
Despite what politician’s say, this inflationary trend is not transitory – it’s systemic. If you don’t have some type of inflationary hedge within your portfolio, contact a financial advisor and find an investment to help protect your store of value and purchasing power.
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