News Snapshot:
Bitcoin is in recovery mode on Wednesday amid mounting inflation concerns and hopes for mass adoption after El Salvador’s parliament approved the cryptocurrency as legal tender. The cryptocurrency was changing hands near $34,000 at press time, having picked up from a bid near $31,000 late Tuesday. That was the lowest level since May 23, according to CoinDesk 20 data. Data released by China early today showed the producer price index (PPI), also known as factory-gate inflation, rose 9% last month, the biggest year-on-year increase since September 2008. Related: Some Xinjiang Bitcoin Miners Instructed to Shut Down: Report China’s PPI typically...
