Within minutes of reports showing U.S. consumer prices rising and weekly wages falling, cryptocurrency prices surged on inflation fears. Bitcoin prices briefly topped US$69,000 shortly after 9 a.m. ET, according to Coingecko.

Fast facts

  • Less than one month ago, Bitcoin peaked at US$67,043, according to Coingecko, the day after the successful introduction of the first U.S. Bitcoin futures exchange-traded fund.
  • In August, Chairman Jerome Powell of the U.S. Federal Reserve announced a major policy change that would allow inflation more room to rise before the Fed defensively raises interest rates.