December CPI Results are the Focus of the Day

A key measure of consumer prices is expected to show that inflation at the consumer level spiked in December, the hottest increase in prices since the early 1980s. 

Economists expect the consumer price rose 0.4% in December, and 7% on a year-over-year basis, according to Dow Jones. That compares to a 0.8% jump in November, or a 6.8% gain year-over-year, the highest since 1982. 

Excluding food and energy, CPI is expected to have risen 0.5% or 5.4% year-over-year, when the Labor Department releases the data Wednesday at 15.30 GMT+2. 

Bitcoin traders have been predicting for years the largest cryptocurrency by market cap could serve as an effective hedge against inflation. That’s why they’ll be watching today’s report for December. 

Bitcoin prices quadrupled in 2020 and rose about 60% last year when traders said the Fed’s loose monetary policies could ultimately lead to a fast climb in consumer prices. 

But as inflation ticked up, and Fed officials signalled they would move aggressively to tackle inflation, the price trend has reversed: Bitcoin is down more than 13% over the past 30 days. 

Have your trading charts ready to see how this effects the USD and BTC. 

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