CPI Shows Better-Than-Expected U.S. Inflation; Bitcoin Price (BTC) Holds Just Below $31K

The U.S. inflation rate as measured by the Consumer Price Index (CPI) slipped to 3.0% on a year-over-year basis in June from 4.0% in May, according to the Bureau of Labor Statistics (BLS). Expectations were for a decline to 3.1%. The price of bitcoin (BTC) – which has been in a holding pattern between $30,000 and $31,000 for much of the past few days – rose modestly to $30,900 in the immediate aftermath of the report, but subsequently gave back that gain, returning to just under $30,800.