$300M in Shorts Wiped as Crypto Market Response to CPI Meets Fed Pushback

The softest inflation reading in five years sent cryptocurrencies sharply higher on Wednesday. June CPI fell 0.4% month over month, the largest drop in years. However, the Federal Reserve's new chair pushed back against the market's enthusiasm, providing a less encouraging counterpoint. $300 million in shorts were wiped out as crypto rallied.