Why Inflation Data Matters for the Price of Bitcoin

The chart of the day is brought to you by crypto dot com. The world's fastest growing crypto app. Let's take a look at the chart of the day. The year on year percentage change in the US consumer price index from 2013 to date looks eerily similar to the 19 seventies. That's according to game of trades. If history is a guide, inflation may rebound in the coming months. Boosting demand for perceived store of value assets. Bitcoin widely considered digital gold is set to undergo its fourth mining reward. Having in April next year reward have historically presaged major bull runs expectations of the spot. Bitcoin ETF approval in the US drove euphoria among crypto investors this past week driving Bitcoin to 20% weekly gains and a near record options activity. Bitcoin is currently trading near $34,300. That's it for today's chart of the day. I'm Jen Sani. We'll see you next time to unpack more of the data behind top news stories.