The Consumer Price Index raced to 7.5% in January, accelerating at their fastest pace since 1982.
Bitcoin notched up its eighth consecutive day of gains on Thursday — buoyed by the release of dire inflation figures in the U.S.
But runaway inflation also adds urgency to the Federal Reserve's plans to increase interest rates next month — a move that could hurt stocks and cryptocurrencies in tandem.
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In other developments, research from Blockforce Capital suggests that many existing BTC investors may be reluctant to make further purchases right now.
Analyst Brett Munster has set an upbeat tone for the digital asset, writing:
"While it's still too early to declare with any certainty that $33k was the bottom, there is reason to believe that there is now much more asymmetry to the upside than downside. That doesn't mean Bitcoin couldn't fall back down again, but the data seems to suggest that the upside potential now outweighs the downside."