US CPI inflation figures for August 2026 came in at 3.4% year-over-year, in line with analyst expectations, triggering a violent short squeeze on the crypto market. In just one hour, over $266.5 million in short positions on Bitcoin and Ethereum were liquidated, catching bearish speculators off guard. Bitcoin’s price rebounded 2.6% in 24 hours, above $79,000, while Ethereum gained 8.3%, above $2,600. Nearly 98,549 traders were liquidated over 24 hours, including a single $20.28 million Ethereum order. This movement comes days before the Federal Reserve’s decision on September 16, which could sustain market volatility.
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