Bitcoin (BTC) revisits $50,000 as US inflation hits 39-year high

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The Labor Department reported had announced on Friday that the uSo Consumer Price Index had surged to a record high of 39-year over year growth peak of 6.8%, adding 0.8% in November.

While the figure was in line with analysts’ expectations, this still pushed the price of Bitcoin roughly 2.5% higher.

The largest cryptocurrency has once again surpassed the psychologically important level of $50,000 after dipping to an intraday low of $47,440 earlier today on the Bitstamp exchange.

Nasdaq and S&P 500 e-mini futures are also in the green.

Recall a month ago ago, Bitcoin had rose to its all-time high of $69,000.

However, the cryptocurrency failed to hold onto these gains, currently trading down 28% from the peak.

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