Bitcoin and altcoins are falling in value due to record-high inflation, but traders still anticipate BTC to consolidate.
Global financial markets and cryptocurrency fell as the June 10 CPI data of 8.6 percent revealed that inflation is a chronic concern. On June 10, global financial markets were heading lower after the Consumer Price Index (CPI) reported a scorching 8.6 percent year-over-year increase, the largest print since 1981. The higher-than-expected CPI figure caused the $30,000 support to fail, and Bitcoin (BTC) fell to a daily low of $28,852 before dip buyers managed to push the price back over $29,000. Here's what numerous market analysts are saying about the future of Bitcoin, given that there appears to be little reprieve from inflation and the Federal Reserve's determination to hike interest rates. The strength of the dollar impacts significantly on risk assets. The impact of the high CPI print on two financial market benchmarks, the dollar index (DXY)