Bitcoin Surges to $69.2K as US Inflation Cools

Bitcoin (BTC) rallied to $69.2K after the release of softer-than-expected May CPI data in the United States. The CPI remained flat compared to analyst projections of a 0.1% rise, and year-over-year inflation moderated to 3.3% from the previous month's 3.4%. This positive news reignited hopes for looser monetary policy, boosting the prices of cryptocurrencies. The core CPI, excluding food and energy costs, increased by 0.2%, slightly below expectations. These figures suggest that inflation may have peaked, easing concerns among investors. However, the Federal Reserve's upcoming dot plot release later today could still significantly impact asset prices.