Index (CPI) a leading indicator compared to the latter, which calculates consumer inflation. The U.S. Bureau of Labor Statistics released its PPI data on Thursday, showing that wholesale inflation rose 0.1% in May, lower than economists' expectations of a 0.3% increase. The good news has not been able to lift the price of bitcoin, which is still stagnant at the level of about $108,000, but Trump has used the data as a weapon against Powell, who has been the target of the president's wrath for some time. Trump had previously threatened to fire Powell for not cutting interest rates, which was considered unconstitutional by many. The Fed will hold regular meetings on June 17 and 18 to determine the direction of interest rates in the country. "We've got inflation under control," Trump said. "If we cut interest rates by one percentage point...... We're going to save $300 billion," he added, referring to the amount that the federal government will save on interest payments on outstanding debt, if interest rates are lower. "If we cut by two percentage points, we will save ...... $600 billion. The president made this statement at the White House, signing California's bill to end the (EV) ban on electric vehicles. Bitcoin was down 1.09% at the time of the report, trading at $108,272.00. Despite the decline, BTC gained 4.66% over the week. Price volatility remains relatively limited in the 24-hour period, ranging from $106,611.47 to $109,203.62. Trading activity edged up, with 24-hour trading volume up 4.35% to $53.46 billion. Bitcoin's total market capitalization has fallen along with the price and is currently at $2.15 trillion, down 1.09% from yesterday. However, BTC's dominance has risen to 64.16%, an increase of 0.07%, likely due to investors abandoning the volatile altcoin and returning to this dominant cryptocurrency. In the derivatives market, open interest in futures contracts decreased by 2.51% to $73.81 billion, reflecting a slightly more cautious attitude among traders. Liquidations paint a different picture, with almost all of the $3 million liquidations coming from short positions, and only $1,290 of long liquidations, according to Coinglass. In short, the bears' bet on BTC was liquidated.