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US Inflation Hits Decade-High of 9.1% in June, Putting Further Pressure on the Fed 

Daily Market Wrap

  • Crypto market cap: 0.90 trillion, up 3.32%

  • BTC price stands at USD 20,230, up 3.68%

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  • Top gainer: Convex Finance (CVX), up 20.01%

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News of the Day

Why it matters:

  • The consumer price index (CPI) soared 9.1% in June, a significant increase from 8.6% in May, which is the largest 12-month increase since December 1981

  • The high inflation figure could spur the Fed to seek a more aggressive approach to raising interest rates

  • “Though CPI’s spike is led by energy and food prices, which are largely global problems, prices continue to mount for domestic goods and services, from shelter to autos to apparel,” said Robert Frick, corporate economist at Navy Federal Credit Union

  • The new inflation data comes days after employment data showed stronger than expected hiring last month, suggesting that employers remain unaffected by borrowing cost increases from the Fed

Crypto Daily Spotlight

Brief introduction: YouTuber and professional wrestler Logan Paul settled on $4 million and a PSA-graded 9 Pikachu Illustrator card, breaking the Guinness record for the most expensive Pokémon trading card sold in a private sale.

Why it matters:

  • Logan Paul is making his ultra-rare 1998 holographic Pikachu “Illustrator” card into an NFT

  • Paul has listed pieces of the Pikachu NFT, each selling for $0.10, on his platform Liquid Marketplace

  • Paul explained that he will have a minority, 49% ownership of the card, meaning that the community will have the opportunity to co-own the physical card for a collective 51% ownership

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