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Friday evening's release of U.S. inflation data is anticipated to send shockwaves through the markets and could bust Bitcoin (BTC) out of its narrow trading range.

Bitcoin, like the internet and social media, benefits from "network effects," where increased usage boosts value and encourages more take-up.

During the month of May, Bitcoin and Ethereum miners experienced a significant fall in revenue as the values of both cryptocurrencies reached new local lows.

On Monday, cryptocurrency bulls seized control of the market, with Bitcoin leading the charge, breaking over the $30,000 resistance level it had been trading below on Sunday, and now heading towards $32,000, a price level not seen in 20 days.

Last week, Cambridge University's Cambridge Centre for Alternative Finance (CCAF) announced an update to its widely recognized (and deservedly so) Cambridge Bitcoin Electricity Consumption Index (CBECI), which seeks to discover and disclose the global location distribution of bitcoin miners.

Democrats will propose a bill on gasoline price gouging next week, according to US House Speaker Nancy Pelosi. The law will allow the president to declare an emergency, making it illegal to raise fuel prices.

Last year, Joe Biden and his administration claimed that inflation was 'transitory.' This year, Vladimir Putin gets the blame. Next year, Biden will blame American businesses. And the beat goes on.

Environmentalists and authorities have recently criticized Bitcoin (BTC) for its excessive energy use.

Home prices in the United States rose to a median price of $375,000 in March, the hottest housing market in 15 years.

Predicted Bitcoin prices show the cryptocurrency falling towards the $40,005 low.