Bitcoin Bounces From Two-Week Low as China Inflation Surges, El Salvador Passes Currency Law

SourceYahoo News
SectorEconomy
CountryMiddle east

Oops!Something went wrong.Please try again later.Oops!Something went wrong.Please try again later.Oops!Something went wrong.Please try again later.Omkar GodboleJune 9, 2021, 3:06 AM·2 min readOops!Something went wrong.Please try again later.Oops!Something went wrong.Please try again later.Oops!Something went wrong.Please try again later.

Bitcoin is in recovery mode on Wednesday amid mounting inflation concerns and hopes for mass adoption after El Salvador’s parliament approved the cryptocurrency as legal tender.

The cryptocurrency was changing hands near $34,000 at press time, having picked up from a bid near $31,000 late Tuesday. That was the lowest level since May 23, according to CoinDesk 20 data.

Data released by China early today showed the producer price index (PPI), also known as factory-gate inflation, rose 9% last month, the biggest year-on-year increase since September 2008.

Related: Bitcoin Holds Short-Term Support; Faces Resistance At $36K

China’s PPI typically adds to inflationary pressures worldwide because the country is a major buyer and supplier globally. “Rising costs everywhere, in particular in China, will be adding to global inflationary...read more...