Bitcoin retreats to low $80,000s as US CPI rises 3.8%

Bitcoin retreated to the low $80,000 range as a shock from US inflation data and a sharp rise in global oil prices weighed on the market. The US Labor Department reported that the April Consumer Price Index rose 3.8% from a year earlier. With the pace of inflation confirmed, markets reflected pressure on risk-asset prices, and Bitcoin also faced selling pressure. The jump in international oil prices added to inflation concerns and dampened investor sentiment. Bitcoin’s next moves are expected to be influenced by market reactions to US inflation indicators and oil-price trends. Source: mk.co.kr