Market Wrap: Higher Inflation Expected to Send Bitcoin and Gold Higher Into End of Year

Posted on by American Coins & Gold

Market Wrap: Higher Inflation Expected to Send Bitcoin and Gold Higher Into End of Year
Bitcoin reached an all-time price high of about $68,950 on Wednesday after a report showed higher-than-expected inflation in October. The cryptocurrency eventually returned some gains as short-term overbought signals appeared on the charts.Gold also rose to its highest level since June following the U.S. inflation report. The precious metal reversed its negative correlation with bitcoin on Wednesday as seen in the chart above.“The knee-jerk reaction to the hottest inflation reading in 30 years triggered risk aversion which was accompanied with a strong dollar and weakness across the top cryptos,” Edward Moya, an analyst at Oanda, a foreign exchange brokerage firm.“Wall…