The cryptocurrency market is facing increased volatility due to the ongoing tensions between the US and Iran. The situation has led to a surge in energy prices, which is expected to have a significant impact on the CPI data drop scheduled for 12:30 UTC today.
According to forecasts, the CPI data points to a +4.2% YoY increase in May, the highest in over three years. This has raised concerns about a potential Fed rate hike and its impact on the market.
The oversubscription of SpaceX's IPO has reached $250 billion for a company valued at $75 billion, despite some short-term selling pressure. Tom Lee, CEO of Bitmine, believes that the IPO success will help strengthen the bull market narrative and draw capital into the crypto ecosystem.