The Real Reason Behind Bitcoin Explosive Rally is Not Coinbase But Inflation

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Bitcoin surged past $64,500 this week, shattering yet another record-high milestone after a month of downside consolidation, over sentiments that a fresh Wall Street listing of one of the leading crypto firms, Coinbase, would attract more wealthy investors to the booming sector. Bitcoin reaches another lifetime high. Source: BTCUSD on TradingView.com But the flagship cryptocurrency borrowed its bullish cues from elsewhere, as well. On Tuesday, the US Bureau of Labor released March’s Consumer Price Inflation data, showing that the index rose by its most in nearly nine years, led by pent-up demand and rising fuel prices as the US economy continued to recover from pandemic-driven lockdowns. Beating Expectations The labor department noted that inflation rose 0.6 percent in March than February, making its quickest pace since February August 2012. According to Reuters’ poll, the outcome beat economists’ expectations of a 0.5 percent raise. Meanwhile, the headline inflation surged 2.6 percent…

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