June 11 Daily report: Bitcoin Up 6% Amid Fastest Rise in Consumer Prices, India reportedly planning to classify bitcoin as an asset class, Ledger Raises $380 Million to Expand DeFi Solutions, ETH Bulls Defending an Important Level and Google reversing crypto ads ban a testament to blockchain market maturity

• [lwptoc]

• Bitcoin Up 6% Amid Fastest Rise in Consumer Prices Since Financial Crisis

The leading cryptocurrency continues its tedious recovery as the U.S. Bureau of Labor and Statistics reports mounting inflation pressure within the American economy. TODAY, the U.S. Bureau of Labor and Statistics reported a 5% rise since last year in the consumer price index, reviving inflation fears. This is the fastest year-over-year rise since the housing bubble burst in 2008.

• India reportedly planning to classify bitcoin as an asset class

The Indian government might soon give a clear direction on Bitcoin with a possibility of classifying the cryptocurrency as an asset class. The Securities and Exchange Board of India (SEBI) is reportedly planning to handle the regulatory aspect of cryptocurrencies once bitcoin is classified as an asset class, sources close to the matter told New India Express. 

• Ledger Raises $380 Million to Expand DeFi Solutions

Ledger makes a comeback from last year’s devastating data breach. Ledger has raised $380 million in the latest series C funding round, putting the company’s valuation at $1.5 billion. The funds will be used to expand its decentralized finance solutions, hardware products, and build an operating system.

• ETH Bulls Defending an Important Level, Will $2,500 Hold?

Ethereum’s price is down more than 6% over the past week and bulls find themselves in a position to defend the important $2,500 level. Ethereum(ETH) fell beneath an ascending triangle pattern tracking over the past fortnight after dropping to $2600 on Monday. It fell beneath the lower boundary (dashed line) and continued until support was established around the $2500 level.

• Google reversing crypto ads ban a testament to blockchain market maturity

The term “unpredictable” has almost become synonymous with the crypto industry at this point, as was on full display recently when technology juggernaut Google decided to un-ban digital asset exchanges from using its advertisement services after a lengthy period of almost three years.