Bitcoin Up 6 Percent as the Consumer Prices Rise amid the Financial Crisis

Bitcoin Up 6 Percent as the Consumer Prices Rise amid the Financial Crisis

There were days when the value of Bitcoin was seen skyrocketing in the market. Since the past year, there seems to be a high rise in the value of digital currency, and it has gained hugely in the market. From a few thousand of value to the one exceeding 65K USD in the current market. However, the last one and a half have been tragic for bitcoin as its value and price has been going down in a bigger way.

It was reported with a 50 percent decline in terms of Bitcoin prices, but experts feel that it would remain on a higher side. There are many who are hopeful that the downward price would go up and it remains the same and while others go to the extent saying that it will even cross 100K USD by the end of this year or by the coming year for sure. It would be interesting to see how things would move, but at the moment, we have some news that suggests that the trend to boost up will be going smooth and higher as well. 

As per the latest reports of the US-based Bureau of Labour and Statistics would help in reporting with 5 per cent of rising since the earlier years ever since the consumer price index was seen coming along with the inflation fears. This seems to be the fastest year along with the rise one can see coming along with the housing burst in the year 2008.

Bitcoin Up 6 Percent as the Consumer Prices Rise amid the Financial Crisis

At the same time, one can find things growing in the right direction as one can find the housing bubble bursting in the year 2008. At the much said time, one can find the said index rising by 5.3 percent. Bitcoin has been rising high with its growing pace of one year ever since we saw this bursting bubble way back in the said year. Since then, there seemed to be something coming in the form of a hedge following the inflation that seemed to have gone by 6.5 percent in the past one day or so.

As far as the CPI or the consumer price index is concerned, one can find the basket of consumers that are seen measuring the general cost of living of the individuals. There are several items that come along with the range from the milk cost along with other stuff like bacon, cereal, sports equipment, used cars and even housing.

There are several financial experts and economists who have been using a number of changes taking place in CPI as one of the key metrics when it comes to defining the same for the economy when it comes to inflation or even deflation. in relevant portals on this topic. 

With more than 80K as total items that are seen including in the index, one can find the average changes taking place in terms of cost that are seen going at the rise of five per cent that further give an idea that the consumer goods are not becoming very much costly.

Bitcoin Up 6 Percent as the Consumer Prices Rise amid the Financial Crisis

The standout category can be called as one of the key items that the price as seen coming for the used cars or even for things like the airfare that are seen going up to 7.3% and 7%, respectively. To be very frank, the figures are seen much on the higher side than the expected ones. 

There are two types of forces that are seen driving the concerns – one comes with the consumer spending when it comes to outpacing the supply along with breaking the record when it comes to the fiscal stimulus. The pandemic pinches that are seen coming along with the supply chain seen earlier last year further went on, creating a demand squeeze for a number of materials, including lumber.

One can find the shortage in its supply when we talk about hitting different sectors, claims the analyst at the known firm Quantum Economics called A Lores. He was speaking to the group called Decrypt. He went on to say that since Microchip remains the serious example, ketchup packets can be called as yet another option for all. These are the two key points that are going to come in with big waves. 

Why Is Bitcoin Considered The Best Cryptocurrency?

Bitcoin Up 6 Percent as the Consumer Prices Rise amid the Financial Crisis

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