The release of consumer price index data by the US Bureau of Labor Statistics (BLS) caused volatility in cryptocurrency markets. In June, CPI for urban consumers fell 0.1%. This represents a seasonally unadjusted change of 3% over the last 12 months. Following the news, Bitcoin's price skyrocketed to almost 60K with increased volatility. It is currently trading around $59,200. 📈🚀😎

Jag Kooner, head of derivatives at Bitfinex, explained the importance of CPI to the performance of the overall cryptocurrency market. He noted that while the CPI was expected to be unchanged, it actually fell 0.1%. This supports the narrative that inflation is slowing.

So what do you think the future movement of Bitcoin will be like? We are waiting your comments! 💬👇