US inflation tops 3-year high, pressuring Bitcoin and gold

US consumer prices rose 4.2% year-on-year in May, a three-year high that dented hopes for near-term rate cuts and led some analysts to expect rate increases later this year — a challenging backdrop for risk assets such as cryptocurrencies. Bitcoin has fallen 36% since January and gold is down 23% from its January peak, while crude oil has climbed more than 50% over the same period.

United States

us inflation, consumer prices, may, rate cuts, rate increases, cryptocurrencies, bitcoin, gold, crude oil, risk assets