Bitcoin has managed to reclaim the $18,000 level for the first time since the collapse of the FTX exchange
According to the most recent consumer price index (CPI) 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.
Energy, gas, and used car prices all declined in November, signaling that inflation has peaked.
Futures are now implying a higher chance of a lower 25-basis point hike in December following the most recent inflation data.