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Bitcoin (BTC) Price Moves as US CPI for May Hits 2-Year High • The May Consumer Price Index (CPI) report shows U.S. inflation rose to 4.2%, the highest since April 2023, with Core CPI at a nine-month peak of 2.9%. • The Federal Reserve's target inflation rate is 2%, raising concerns about potential future rate hikes that could negatively impact the crypto market. • Bitcoin (BTC) initially surged to nearly $62,000 following the report but later settled around $61,500, with leading altcoins also reflecting similar volatility.