• The crypto market saw gains following the release of the US CPI data for June.
• The annual inflation rate in the US fell to 3.5% in June 2026, the first decline in five months and below forecasts of 3.8%.
• Bitcoin rose to $64,000, with top altcoins posting sharp gains following the release of the CPI data.

The crypto market posted gains on Tuesday following the release of the US Consumer Price Index (CPI) report for June, which showed that inflation cooled below market expectations.

According to the US Bureau of Labor Statistics, annual inflation slowed to 3.5% in June from 4.2% in May, marking its first decline in five months and coming in below the consensus forecast of 3.8%.

The decline was largely driven by lower energy prices following a temporary ceasefire between the US and Iran, easing pressure on global oil markets. Core CPI, which excludes food and energy prices, also fell to 2.6%, below market expectations of 2.8%.

The inflation data strengthened odds that the Federal Reserve (Fed) could adopt a less restrictive monetary policy in the coming months. Market participants are now turning to Fed Chair Kevin Warsh's testimony before Congress and the Federal Open Market Committee (FOMC) meeting later this month.

Crypto rallies after US inflation slows more than expected

Bitcoin (BTC) climbed above $64,000 following the release, rising 2.4% over the past 24 hours. Major altcoins, including Ethereum (ETH), XRP and Solana (SOL) rose 5.6%, 2.9% and 2.0%, respectively. Other token categories, including meme coins and privacy sectors, also recorded gains of 3 to 4%.

The gains reflect renewed optimism that easing inflation could support more favorable conditions for the crypto market.

The rally also triggered a wave of liquidations across the derivatives market. More than 85,000 traders were liquidated over the past 24 hours, with total liquidations reaching $376 million, according to Coinglass data.

Ethereum saw the largest liquidation totaling $127 million, with short traders erasing $112 million in the past 24 hours.

Bitcoin saw $113 million in liquidations, with $105 million from shorts. Solana saw $13 million in liquidations, with long positions accounting for $8 million and short positions $5.5 million.

The largest single liquidation occurred on Binance, where a $6.37 million ETH/USDT position was closed. Across the rest of the market, other cryptocurrencies recorded approximately $32 million in liquidations, comprising $23 million in long positions and $8.9 million in shorts.