Leading cryptocurrencies surged Wednesday after days of corrective action, as favorable inflation data and the Federal Reserve’s rate pause spurred investments into risk-on markets. What Happened: Bitcoin spiked to nearly $70,000 earlier in the day following the release of cooler-than-expected consumer price data for May. However, the uptrend didn’t last long as Federal Reserve Chair Jerome Powell remarked that policymakers “want to gain further confidence” on inflation before considering interest rate cuts cooled market enthusiasm. In the last 24 hours, 65,003 traders were liquidated, with th…
