Bitcoin likes the US inflation news

The markets are still trying to digest the latest US CPI inflation report and however one likes to spin that, it was according newswire reports, the biggest increase in prices since 1990. Of course that explains the reaction in gold as that has now risen above $1850 now this afternoon. However, it has also served to give Bitcoin a boost too as that is now seen as the new kid on the block when it comes to inflation hedging instruments. Personally I am not sure I buy into that really, but that is the mantle and has stuck this afternoon. The lead cryptocurrency has made a move higher as it tracks the rise in gold. BTC has spiked to back above 68k right now. The high so far has been set at 68,065. Just before the US CPI data it was trading closer to 66k and the initial reaction to the data saw it fall to test that level, but not any more. Bitcoin is currently trading at 68,035