Bitcoin Falls To $32,500 As Inflation Hits A 13-Year High

By Nina Bambysheva

Bitcoin continues to squeeze into a tight consolidation range of low-$30,000s, trading at $32,511, more than 4% down on the week, as of 7:10 a.m. ET, according to crypto data aggregator COIN360. The cryptocurrency, promoted as a hedge against inflation but still seen as a risky asset, took a slight dip on the news of an uptick in inflation yesterday. Per a report from the Labor Department, the consumer price index, measuring the average change in prices paid for goods and services, increased 5.4% from a year earlier, the largest jump since August 2008.

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