Bitcoin (BTC) price starts in June to drop back below $27,000

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Bitcoin and the vast cryptocurrency market sold off for the second straight day on Thursday on fears over inflation and the continuation of rate hikes resurfaced. The U.S. House of Representatives passed the debt ceiling agreement on Wednesday night, and the bill is now before the Senate for approval. Bitcoin was down 1% on the day at $26,800 and lost more than 6% over the past month. As new eurozone data showed inflation fell more than expected to 6.1% in May from 7% in April, European Central Bank President Christine Lagarde signaled that further increases interest rates were needed. “We need to continue our up cycle until we are confident enough that inflation is on track to return to our target in a timely manner,” she said in a speech Thursday.

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