Bitcoin’s price falls after new data shows jump in US consumer prices

Jul 13, 2021 | The Block News | 0 comments


Bitcoin fell sharply during Tuesday morning’s trade after new data released by the U.S. Labor Department showed a jump in consumer prices — a slight confutation of the narrative that the cryptocurrency does well in the face of higher inflation. 

The consumer price index or CPI increased 0.9% last month, representing a jump of 5.4% relative to June 2020, according to the new data.

Bitcoin fell as the data was announced from highs above $33,000 to slightly above $32,000, a percentage decline of 2.35%

Proponents of bitcoin, including famed investor Paul Tudor Jones, have backed bitcoin as a hedge against inflation and aggressive US monetary policy, decried as “money printing.”

Still, bitcoin doesn’t appear to always trade as a safe haven asset or hedge against inflation. 

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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