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Crypto

U.S. inflation above 4 percent adds downside pressure on bitcoin and gold

U.S. consumer price inflation rose above 4 percent in May, raising the prospect that bitcoin and gold could face more pressure this year, a report said. The 4.2 percent annual gain weakened expectations for Federal Reserve rate cuts and prompted some to discuss the possibility of a rate hike within the year. Analysts cited real rates and limited liquidity as key factors, while CME futures implied a 98.4 percent chance rates stay unchanged at the June 17 FOMC meeting.

Crypto

Bitcoin rebounds to $63,400 despite Hormuz closure news and U.S. inflation surge

Bitcoin recovered the $63,400 level despite a rise in the U.S. producer price index and reports that Iran temporarily closed the Strait of Hormuz. BTC/USD rose as high as $63,200 on Bitstamp, up more than 2.5 percent on the day, Cointelegraph reported. Oil prices climbed, with WTI topping $91 a barrel. U.S. data showed May core final demand prices up 5.1 percent year on year and CPI up 4.2 percent.

Telecommunications & Media

SKT steps up benefits for long-term customers with food event invites, more data

SK Telecom is expanding and revamping its T long-term customer program for customers with at least 10 years of service. The company will consolidate invitation events under “T Long-term Customer Day” and present food, culture and entertainment events through year-end, inviting about 10,000 customers and companions. It is also running a “Table Day” food event in five cities. From July 1, SKT will expand its long-term customer data benefits and remove the 30GB cap.