Do repost and rate:
Bitcoin (BTC) slipped on Friday after U.S. CPI data showed inflation was nowhere near cooling.
BTC fell 1.5% in minutes after the reading, which showed that the U.S. consumer price index (CPI) expanded in May, in contrast to expectations for a contraction.
CPI increased by 8.6% year-on-year in May, compared with a 8.3% increase in April, a report from the Department of Labor showed. Markets were expecting a reading of 8.1%.
BTC is now trading below $30,000, with the potential to fall even further. A worst-case scenario predicts the token could fall as low as $15,000 in the short term.
High U.S. inflation now points towards sharper interest rate hikes by the Federal Reserve, spelling more declines for risk-driven markets.
