Bitcoin just got the best news of the year and couldn't hold the bid

Three issues ago I said the whole market was pinned under one thing: higher-for-longer plus a rising dollar, and no cheap-valuation argument gets to matter for Bitcoin while both are true. Two weeks ago that pressure started easing on a single dovish sentence from Warsh and a soft jobs number, and I flagged that it needed a follow-through inflation print to become anything for the asset. That print landed Tuesday. It was soft, and it was soft by a lot. Here's what it did, and didn't do, for crypto.

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