Bitcoin smashes through $69,000 as US inflation hits its highest point in 30 years
Bitcoin enters price discovery as US inflation hits 6.3%. The benchmark cryptocurrency has hit a new all-time high as institutional capital continues to flow in Bitcoin. US inflation hit 6.3% as Bitcoin crosses previous all-time high and begins price discovery. Analysts argue that Bitcoin is likely to hit the end of year targets in the currency cycle as the Consumer Price Index rises. Bitcoin is considered a hedge against inflation; therefore, a rise in inflation influences capital rotation in Bitcoin.