Inflation Climbs Even Higher | Bitcoin Forecast Remains Negative

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The consumer price index (CPI), the most widely tracked benchmark for inflation, rose 8.6% on a year-over-year basis in May, topping expectations that it would decline to 8.2% from April's 8.3%. Bitcoin (BTC) which has taken a major hit as western central banks have begun tightening monetary policy over the past few months, has dipped to $29,500 from $30,000 in the minutes after the report.

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