$BTC is surging due to lower-than-expected U.S. inflation
According to the most recent consumer price index data released by the U.S. Bureau of Labor Statistics, inflation rose 7.1% in November on a year-over-year basis. The price of Bitcoin briefly spiked to as much as $18,106 on the Bitstamp exchange due to cooler-than-expected CPI data.
While inflation is down significantly from the 9.1% mark in June, it is also far above the Federal Reserve’s 2% target. AdsFutures are now implying a higher chance of a lower 25-basis point hike in December following the most recent inflation data.
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