Bitcoin’s price surged to nearly $60,000 following the release of the US Bureau of Labor Statistics’ (BLS) Consumer Price Index (CPI) data for June. The CPI report, which measures inflation, revealed a slight drop in consumer prices, creating ripples throughout the cryptocurrency market and sending Bitcoin’s value soaring.
CPI Data Shows Inflation Slowdown
On July 11, 2024, the BLS released the latest CPI figures, which showed a 0.1% decrease in the index for all urban consumers for June, seasonally adjusted.·
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