Bitcoin Price Nears $41,000 as U.S. Inflation Jumps to 8.5% Today

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  • U.S. inflation hits new 40-year record at 8.5%.
  • Bitcoin traded green above $40,500 as the index reading came above market expectations.
  • Gasoline prices increased by 18.3%, while energy rose 32% over the last year.

Bitcoin has been holding on above the $40,000 mark as U.S. inflation rose to yet another 40-year high of 8.5%, according to data released by the U.S. Bureau of Labor Statistics (BLS) Tuesday morning.

Inflation numbers for last month, scored by the Consumer Price Index (CPI), denoted the biggest annual jump in prices since 1981. The 8.5% inflation rate came above market expectations and surpassed the 8.4% level last seen in January 1982.

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