Bitcoin hit a new all-time high, erasing a day’s worth of losses within minutes.

This occurred Wednesday morning after the Bureau of Labor Statistics disclosed last month’s US consumer prices rising at a pace unobserved in over 30 years. The spike in consumer prices only added to inflationary fears that raised crypto to new highs during the pandemic.

According to CoinGecko, Bitcoin peaked at $69,044 around 9:15 a.m. ET today. CoinMarketCap and CoinDesk logged highs of $68,742 and $68,991, respectively.

Prices escalated roughly $2,500, or 4%, within 45 mins of the Labor Department’s announcement. The report showed that consumer prices had risen by 6.2% in October, the most since December 1990. Even economists weren’t expecting such a high stat.

Bitcoin is currently sitting with a market cap of $1.3 trillion. This means that BTC has surged nearly 8% in one week and 346% in the past year, accounting for 42% of the combined crypto market’s overall value.

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