The release of the US inflation data seems to have boosted the latest all-time high of the price of Bitcoin. The value of Ether recently went from USD 4,857.25 to USD 4,878.26 within 24 hours, also hitting a new ATH.
Once again this week, the price of the pioneering cryptocurrency hit another new all-time high. The value of Bitcoin reached USD 68,990, an increase of about USD 500 within 24 hours.
The bullish run occurred after the Bureau of Labor Statistics released the US inflation data. The Consumer Price Index (CPI) in the country increased at its fastest pace since 1990. It rose by 6.2% for all items in the 12 months to October, the highest in three decades. Economists had predicted an increase in the October CPI of 5.9% over the past 12 months.
By resuming its upward trend, Bitcoin won investors nearly USD 2,000 within 45 minutes. The cryptocurrency is currently trading at around USD 65,128 and has accumulated a loss of 0.7% in 24 hours, according to CoinGecko.
Zimbabwe Expresses Interest in CBDC Rather Than in Bitcoin
Monica Mutsvangwa, the Information Minister of Zimbabwe, recently denied that her country wants to adopt Bitcoin and other cryptocurrencies as part of its economy. Many speculate about the possibility of Zimbabwe following the steps of El Salvador, the first nation recognizing the pioneering cryptocurrency as legal tender.
She clarified that the Zimbabwean government would experiment with a central bank digital currency (CBDC) rather than adopt decentralized cryptocurrencies. In other words, she said that they do not seek to legalize the use of those assets.
Many reports about Charles Wekwete, permanent secretary to the president’s office, fueled the rumor about Zimbabwe’s adoption of cryptocurrencies. The official had said that the government was holding talks with private sector companies to help them learn how to handle cryptocurrencies.
Austria Will Treat Cryptocurrencies like Stocks
Under the new rules, Austria is ready to treat cryptocurrencies like stocks and bonds. The Finance Ministry said that this could raise confidence among investors in those assets.
That agency explained that they are seeking equal treatment to reduce mistrust and prejudice towards this new technology. The bill indicates that 27.5% capital gains taxes will start applying to investments in crypto assets like Bitcoin and Ethereum in March 2022.
Ether Also Hits a New All-Time High and Flirts with USD 5,000
The price of Ether recently hit another new all-time high, going from USD 4,857.25 to USD 4,878.26 within 24 hours. The second cryptocurrency on the market has appreciated by more than 540% this year.
Ether is currently trading at around USD 4,765 and has accumulated a profit of 3.4% in the past week. Its daily trading volume is above USD 19.4 billion, and its market capitalization is nearly USD 564 billion, according to CoinGecko.
The influence of the price of Bitcoin on the general crypto market is increasingly evident. Ether recently accompanied the pioneering cryptocurrency when both crypto assets reached new all-time highs. The interest from investors in those leading crypto assets has been a crucial factor for that achievement.
By Alexander Salazar
