Bitcoin extended gains after a report showed U.S. consumer prices increased at the fastest pace in nearly four decades.The largest cryptocurrency by market value has long been touted as an inflation hedge, in part because of its fixed supply. Bitcoin rose as much as 4.4% to $50,101 in New York trading on Friday. The coin has been bouncing around the $50,000 level since a weekend flash crash that saw it tumble as much as 21% on Saturday.“Bitcoin is still seen as an inflation hedge, especially for younger investors,” said Matt Maley, chief market strategist for Miller Tabak + Co. “Since it has few restrictions right now, it is seen as a flight to safety asset for some investors.”
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