The cryptocurrency market witnessed volatility throughout the week due to the release of Consumer Price Index (CPI) data for May and discussions around Monetary Policy. Bitcoin’s trading range fluctuated between US$24,900 and US$26,250, with its lowest point since March. The Fed’s decision to maintain unchanged interest rates and projected two more interest rate hikes in the current cycle influenced the drop in Bitcoin’s value. However, BTC rebounded by over 1% in the last 24 hours due to BlackRock’s submission of a crypto-backed ETF application. Louis Vuitton is also preparing for a collection of NFTs called Via Treasure Trunks.
