Bitcoin trades sideways as CPI data shows U.S. inflation slows again
Bitcoin continued to trade sideways on Tuesday after data showed U.S. inflation continued to slow in May. The largest cryptocurrency is trading at around $26,050, up 0.6% over the past 24 hours, according to CoinDesk data. Bitcoin rallied 57% so far this year, but is still down over 60% from its all-time high in 2021. For the past month, it has been trading in the range of $25,000 and $28,500. Consumer prices rose a scant 0.1% in May and could cement a decision by the Federal Reserve to "skip" an increase in interest rates this week.
-Frances Yue
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06-13-23 0924ET
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