Bitcoin, the leading cryptocurrency by market capitalization, has revved the $85,000 level for the first time since March 9th.
I’m currently changing my hands for $84,422 on BitStamp Exchange.
Price spikes on Friday occurred in a recent sentiment survey released by the University of Michigan, which showed the highest inflation expectations since 1993. Consumer sentiment was a huge hit, plunging to 57.9.
Global tariff tensions that have wreaked havoc on the stock market over the past month could have led to rising expectations of inflation.
Bitcoin is often advertised by its supporters as an inflation hedge, but it tends to trade as a risky asset.
The flagship NASDAQ-100 index has collapsed by more than 11% in the past month. However, on Friday we added 2.36%.
Meanwhile, gold prices hit a new record high of $3,004 today. Bitcoin is well below yellow metal this year, and Bloomberg’s Mike McGroen recently predicted that this unperformance could continue in the near future.
