CPI just gave a little sweetener, and the Middle East powder keg is directly covered—what the market is now afraid of isn't inflation data, but the oil tankers in the Strait of Hormuz.

CoinWorld reports that after Trump's threats against Iran escalated, Bitcoin fell below the $60k mark, briefly rising to $62,400 during the day. The US May CPI increased by 0.5% month-over-month and 4.2% year-over-year, meeting expectations. Although the data initially boosted risk assets, the market quickly focused on the Middle East situation, with potential disruptions in the energy market seen as a long-term inflation risk, which could suppress monetary policy expectations and cryptocurrency prices.