U.S. inflation fell to 3.5% year-over-year in June from 4.2% in May, the largest monthly CPI decline since April 2020. Bitcoin jumped from $62,000 to $64,900 within minutes, Ethereum rose 7% to $1,884, and about $134 million in shorts were liquidated.
Matters because: the print was a clear risk-on catalyst, but rising Middle East tensions and Brent crude up 15.54% weekly to $87/barrel make the disinflation trend less certain.