Bitcoin weathers global market slump sparked by inflation

Sector-specific factors have been supporting bitcoin, including the debut of US exchange-traded funds dedicated to the token. — Reuters

NEW YORK: Bitcoin rode out a surprisingly strong US inflation print that roiled global markets by dimming hopes for rapid interest-rate reductions.

The digital asset traded at US$49,500 as of 10.21am yesterday in Singapore, near the highest level in over two years and little changed since Tuesday’s publication of above-forecast figures on US consumer prices in January.