On Friday, the Labor Department reported that the Consumer Price Index had reached a 39-year growth peak of 6.8% after adding 0.8% in November.

While this figure is in tandem with the expectations of analysts, this still pushed Bitcoin’s price about 2.5% higher. Once again, Bitcoin has surpassed the psychologically important level of $50,000 after dipping to an intraday low of $47,440 earlier today on the Bitstamp exchange.

E-mini S&P 500 and Nasdaq futures are also in the green.

A month ago, Bitcoin reached its present all-time high of $69,000 on hotter-than-expected inflation data. However, the largest cryptocurrency couldn’t hold onto these gains, presently trading down 28% from its peak.

The Consumer Price Index report will likely affect the tapering policy of the Federal Reserve. Fed officials have a two-day meeting scheduled for next week.

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