US Inflation Rate Surges to 6.8% in November, a 4-Decade High; Bitcoin Jumps

US Inflation Rate Surges to 6.8% in November, a 4-Decade High; Bitcoin Jumps
The U.S. Labor Department’s Consumer Price Index (CPI), closely tracked by bitcoin traders due to the cryptocurrency’s use by some investors as a hedge against inflation, has risen to its highest since the early 1980s.The Consumer Price Index for all items rose 6.8% in the 12 months through November, the highest since May 1982, when it was 6.9%. The cost-of-living increase was in line with the average forecast of economists in a Reuters survey, but it marked a sharp increase from October’s 6.2% print.Bitcoin, seen by a growing number of investors as a hedge against inflation, rose 2% in the…