Market Wrap: US Inflation at 39-Year High Fails to Buoy Bitcoin

Posted on by American Coins & Gold

Market Wrap: US Inflation at 39-Year High Fails to Buoy Bitcoin
Bitcoin’s price swung from gains to losses and back to gains on Friday after a key U.S. inflation report showed consumer prices rose in November at their fastest pace in 39 years.The market fluctuations left bitcoin on track for its fourth straight weekly decline, and the starry-eyed forecasts of $100,000 by year end – or even a return to last month’s all-time high of around $69,000 – are now looking far less likely.Crypto traders had been waiting for the release of the U.S. consumer price index early Friday, because many investors see bitcoin as a potentially useful hedge against inflation.…