Bitcoin Hits New Record High After Inflation Surges To 30-Year Peak

Bitcoin Hits New Record High After Inflation Surges To 30-Year Peak

Topline

The price of bitcoin hit a new peak and erased a day's worth of losses within minutes Wednesday morning after the Bureau of Labor Statistics revealed U.S. consumer prices grew at the quickest pace in more than 30 years last month, fueling the inflationary fears that have lifted cryptocurrencies to meteoric new highs during the pandemic.

Key Facts

Bitcoin, the world's largest cryptocurrency, hit a new record high of $68,966 shortly after 9:15 a.m. ET on Wednesday, according to CoinGecko, about 45 minutes after the Labor Department's monthly consumer price index report.

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