{"id":365060,"date":"2021-11-10T19:45:00","date_gmt":"2021-11-10T16:45:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/crypto-markets-rally-as-inflation-rages-at-30-year-high\/"},"modified":"2021-11-10T19:45:00","modified_gmt":"2021-11-10T16:45:00","slug":"crypto-markets-rally-as-inflation-rages-at-30-year-high","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/crypto-markets-rally-as-inflation-rages-at-30-year-high\/","title":{"rendered":"# Crypto markets rally as inflation rages at 30-year high"},"content":{"rendered":"<p>&#8220;<strong># Crypto markets rally as inflation rages at 30-year high  <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>Cryptocurrency markets rose to record highs on Wednesday, as investors continued to pile into Bitcoin (BTC) and alternative coins against a backdrop of surging inflation in the United States.<\/p>\n<p>The cryptocurrency market capitalization \u2014 an important barometer for the health of the digital asset class \u2014 reached a high of $3.11 trillion, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.coingecko.com\/en\/global_charts\">according<\/a> to Coingecko. The asset class has grown by a cumulative 20% over the past two weeks.<\/p>\n<p>Bitcoin\u2019s price suddenly spiked above $69,000 through the morning session, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/BTC_Archive\/status\/1458453134112612355\">marking<\/a> a new all-time high. Ether (ETH) also touched new highs, peaking at around $4,870, according to Cointelegraph Markets Pro.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">One of my biggest misses is not buying enough <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> <br \/>&#8211; Peter Thiel<\/p>\n<p>\u2014 Bitcoin Archive  (@BTC_Archive) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/BTC_Archive\/status\/1458453134112612355?ref_src=twsrc%5Etfw\">November 10, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\nBitcoin has been attracting bids thanks in part to its perceived status as a hedge against inflation and currency debasement, with its proponents <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/PrestonPysh\/status\/1458432131269636103\">claiming<\/a> that BTC is the best \u201chard money\u201d alternative to fiat currencies. Bitcoin has <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2021\/11\/09\/bitcoin-vs-gold-leading-gold-authorities-on-inflation-hedge-battle.html\">outperformed<\/a> gold, the most widely regarded inflation hedge, by a considerable margin year-to-date, having gained over 130% compared with gold\u2019s 4% decline. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">6.2% inflation.  And that\u2019s the number they are telling you!<\/p>\n<p>1.48% for the 10 YR treasury<\/p>\n<p>That\u2019s a -4.72% real yield.<\/p>\n<p>Wake-up!!!!   <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/xSYUeC6YAw\">https:\/\/t.co\/xSYUeC6YAw<\/a><\/p>\n<p>\u2014 Preston Pysh (@PrestonPysh) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/PrestonPysh\/status\/1458432131269636103?ref_src=twsrc%5Etfw\">November 10, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Concerns about inflation were rampant Wednesday after the Labor Department <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.wsj.com\/articles\/us-inflation-consumer-price-index-october-2021-11636491959?mod=hp_lead_pos1\">reported<\/a> another large uptick in consumer prices. The United States consumer price index, a broad measure of inflation, rose 6.2% annually in October, the highest since 1990. So-called core inflation, which s<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/trip-and-travel\/\" data-internallinksmanager029f6b8e52c=\"10\" title=\"Trip &amp; Travel\" target=\"_blank\" rel=\"noopener\">trip<\/a>s away volatile goods such as food and energy, increased by 4.6%, the largest annual rise since 1991.<\/p>\n<p>With inflation vastly overshooting the Federal Reserve\u2019s target of around 2%, calls to end the central bank\u2019s stimulus programs have grown louder in recent months. Last week, the Federal Open Market Committee <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.reuters.com\/article\/usa-fed-instantview\/fomc-time-is-here-to-taper-bond-buying-not-to-hike-rates-idINKBN2HO293\">said<\/a> it would begin scaling back its monthly bond purchases beginning in mid-November, but that it would let leave interest rates at record lows indefinitely because high inflation would prove \u201ctransitory.\u201d\u00a0<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">So basically he&#8217;s saying that elevated prices are here to stay, but don&#8217;t worry, they won&#8217;t rise too much from these levels in the future. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/qcuurGhxC8\">https:\/\/t.co\/qcuurGhxC8<\/a><\/p>\n<p>\u2014 Sam Bourgi (@forgeforth_) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/forgeforth_\/status\/1420784531808923651?ref_src=twsrc%5Etfw\">July 29, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Interestingly, Fed Chair Jerome Powell has <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/forgeforth_\/status\/1420784531808923651\">seemingly<\/a> altered his definition of &#8220;transitory&#8221; inflation to mean that elevated prices are here to stay and that future price increases won&#8217;t be as dramatic as the recent gains.\u00a0<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-11\/16e23010-f2c9-408f-bb03-a7d5a4f4904f.png\"><figcaption style=\"text-align: center;\"><em>Even by the Fed\u2019s preferred measures, consumer prices are rising rapidly. | Source: FRED<\/em><\/figcaption><\/figure>\n<p>To be sure, the Fed\u2019s <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bea.gov\/data\/personal-consumption-expenditures-price-index-excluding-food-and-energy\">preferred<\/a> measure of inflation \u2014 the core personal consumption expenditure index \u2014 is well <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/fred.stlouisfed.org\/graph\/?g=jQm6\">below<\/a> the headline CPI figure. Core PCE has averaged 3.6% annually over the last four months of reporting ending in September. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"crypto_biz\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/crypto-markets-rally-as-inflation-rages-at-30-year-high\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Crypto markets rally as inflation rages at 30-year high &#8221; Cryptocurrency markets rose to record highs on Wednesday, as investors continued to pile into Bitcoin (BTC) and alternative coins against a backdrop of surging inflation in the United States. The cryptocurrency market capitalization \u2014 an important barometer for the health of the digital asset&#8230;<\/p>\n","protected":false},"author":1,"featured_media":365061,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMTEvODcwNWJhMDgtYTJlZC00MjE2LTlmOWQtODU0M2I4YjI1MDViLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,74937,74863,117,70550,70551],"class_list":["post-365060","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-bitcoin-price","tag-cryptocurrencies","tag-business","tag-federal-reserve","tag-inflation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/365060","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=365060"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/365060\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/365061"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=365060"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=365060"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=365060"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}