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One of the most beloved cryptocurrencies by investors, bitcoin (BTC), reached a new record this Wednesday afternoon (10). At 1:26 pm, Brasília time, according to CoinGecko, the digital currency was quoted at US$ 68.60, surpassing the high of last Tuesday (9), at US$ 68.42.
The Cointelegraph pointed out that in 45 minutes, the cryptocurrency earned more than $2,000. At 3:34 pm, Brasília time, the BTC was quoted at US$ 68.51.
“The cryptocurrency price increase is confirmation of an incredibly strong market configuration that has developed over the course of October,” Mikkel Morch, chief executive of digital and cryptographic asset hedge fund ARK36, told Reuters.
Alex Buelau, a partner at Parfin, a platform for investing in cryptoactives, says that high inflation is pulling institutional investors and individuals into the cryptocurrency universe. “And, historically, November and December are months when bitcoin is usually high”, he declares.
Consumer prices in the United States rose more than expected in October, with rising fuel and food costs leading to the biggest annual gain since 1990, signaling that inflation could remain high until next year amid global problems in supply chains.
The consumer price index rose 0.9% last month, after rising 0.4% in September, informed the Department of Labor this Wednesday (10). In the 12 months to October, the index increased 6.2%, the biggest annual increase since November 1990, after a 5.4% jump in September.
Excluding the volatile components of food and energy, the index rose 0.6% after rising 0.2% in September. The so-called core inflation jumped 4.6% year-on-year, the highest since August 1991, after remaining at 4.0% for two consecutive months. Economists polled by Reuters had predicted a 0.6% increase for the index and 0.4% for core inflation.
Although the Federal Reserve last week reaffirmed its belief that current high inflation “should be transitory,” Sam Bullard, senior economist at Wells Fargo believes that “disruptions in supply and recovery of services pose a substantial concern that a higher-than-expected inflation could persist longer than the Fed claims.”
Fans of the digital currency began to celebrate the rise of crypto on Twitter.
BOMBAAAA 💣🚀🚀 #Bitcoin pic.twitter.com/GLjq2DAXix
– Tech Con Catalina (@Techconcatalina) November 10, 2021
At 3:30 pm, ethereum and binance cost $4,830.93 and $643.76, respectively.
BTC ascending history
Earlier this week, digital asset manager CoinShares pointed out that the flow into BTC products and funds reached a record $6.4 billion this year.
Funds transferred to bitcoin totaled US$95 million last week, representing the largest inflows of all digital assets, while the flow in eight weeks to cryptocurrency was US$2.8 billion.
Bitcoin hit $66 in October, boosted by a buying spree after the first Wall Street traded fund, $BITO, began trading.
*With information from Reuters
Reference: CNN Brasil
I am Sophia william, author of World Stock Market. I have a degree in journalism from the University of Missouri and I have worked as a reporter for several news websites. I have a passion for writing and informing people about the latest news and events happening in the world. I strive to be accurate and unbiased in my reporting, and I hope to provide readers with valuable information that they can use to make informed decisions.
