Insights

November 2021 Bitcoin Brief

December 28, 2021  |  5 minute read
Why is Bitcoin so important? Robert Gutmann answers this question and more during this deep dive.

November was a tale of two halves for bitcoin. The asset reached a 4:00 PM ET all time high of $67,372 on November 9th, the day prior to the U.S. Labor Department’s higher-than-expected inflation print. However, bitcoin ended the month down 8% as concerns over the COVID-19 Omicron variant weighed on risk assets. Bitcoin is up 97% YTD.

On November 10th, U.S. Core CPI surpassed what were already high expectations, increasing 4.6% year-over-year (4.3% expected) and 0.6% month-over-month (0.4% expected). This was the highest Core CPI rate measured in over 30 years. Bitcoin, an asset commonly held as a store of value, jumped on the news. The report was released by the Labor Department at 8:30 AM ET on November 10th, and bitcoin was up 2.4% from 8:00 AM to 9:00 AM ET that day.

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