Bitcoin, the leading cryptocurrency by market cap, has reclaimed the $85,000 level for the first time since March 9. 

It is currently changing hands at $84,422 on the Bitstamp exchange. 

The Friday price spike comes after the price a recent sentiment survey released by the University of Michigan showed the highest inflation expectations since 1993. Year-ahead inflation expectations have surged from 4.9% to 4.3%. Consumer sentiment has taken a massive hit, plunging to 57.9. 

The inflation expectations have likely risen due to global tariff tensions that have been wreaking havoc on the stock market over the past month.

Bitcoin is often being advertised as an inflation hedge by its proponents, but it tends to trade as a risk asset. 

The flagship Nasdaq-100 index index has collapsed by more than 11% over the past month. However, it has added 2.36% on Friday.  

Meanwhile, the price of gold reached a new record high of $3,004 earlier today. Bitcoin has substantially underperformed the yellow metal during this year, and Bloomberg’s Mike McGlone recently predicted that this underperformance might continue in the near future.