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23 June 2021

Can a rising CPI boost Bitcoin? 3 reasons BTC price is rebounding above $36K

Can a rising CPI boost Bitcoin? 3 reasons BTC price is rebounding above $36K


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Bitcoin (BTC) price reclaimed $36,000 heading into the New York session Wednesday as investors awaited fresh data on inflation in May and El Salvador approved a bill that made cryptocurrencies a legal tender in the country.

On the other hand, bulls kept projecting Bitcoin as a primary tool against inflation, with Mike McGlone, the senior commodity strategist at Bloomberg Intelligence, noting that the cryptocurrency's possibility to reach $40,000 in the coming sessions is higher than reaching $20,000.

Bukele also announced that El Salvador would use the country's "volcano energy" to mine Bitcoin.

Treasury Secretary Janet Yellen further clarified in her interview with Bloomberg that higher interest rates would be a plus.

But, according to Yuriy, a rate hike would not hurt Bitcoin's demand among investors, noting that expensive lending would reverse gains across the U.S

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