The US Bureau of Labor Statistics (BLS) has released this month's Consumer Price Index data. As usual, this creates volatility in the crypto market. In June, the CPI for all urban consumers fell 0.1%, seasonally adjusted. This represents a 3% change over the last 12 months, not seasonally adjusted.

This news sent Bitcoin prices soaring by almost $60K. Currently, Bitcoin is trading around $59,200. Jag Kooner, head of derivatives at Bitfinex, emphasized the importance of the CPI to the performance of the broader crypto market. He said that the consensus was for the CPI to remain unchanged, but it actually fell 0.1%. This supports the narrative of slowing inflation.

What do you think about the impact of the CPI on the crypto market? Come on, discuss it in the comments column! 🚀#Bitcoin#Crypto #CPI