US CPI Surges to 2-Year High, Bitcoin Price Jumps Amid Inflation Concerns

The US Consumer Price Index (CPI) for May has been released, showing a significant increase in regular CPI to 4.2% and Core CPI rising to 9-month peak of 2.9%. The figures meet economists' expectations and have raised concerns about future rate hikes, which may impact the crypto market.

The Federal Reserve views 2% inflation as healthy, but the current surge is above this threshold. The Kobeissi Letter warns that the likelihood of future rate hikes is climbing, which may trigger a further sell-off in the crypto market.

Despite these concerns, Bitcoin's price has jumped after the announcement, reaching almost $62,000 before reversing to the current $61,500. Most leading altcoins have mirrored this movement, but the market remains highly volatile and the near-term price direction is unclear.