Morning Minute: Crypto Rips on Cool CPI – Decrypt

Morning Minute is a every day e-newsletter written by Tyler Warner. The evaluation and opinions expressed are his personal and don't essentially replicate these of Decrypt. And take a look at our new every day information present protecting the entire high tales in 5 minutes, downloadable on Apple Pod or Spotify.GM!At present’s high information:
Crypto majors are up 3-6% after a chilly CPI print; BTC at $64.6k
HYPE jumps 7% to $68 as SEC Crypto Activity Power meets with HPC workforce
Mizuho downgrades Circle to $50 goal, cites OpenUSD competitors
Pump.enjoyable hits first main unlock as $86M in PUMP hits market (PUMP +15%)
Robinhood Chain sees main rotation from memes to protocols
📈 Crypto Rips on Cool CPI, however Warsh Received’t Name It a WinThe comfortable inflation print crypto was ready for lastly landed.June CPI fell 0.4% month over month, the largest month-to-month decline since April 2020, dropping the annual price to three.5% from Might’s 4.2% and coming in underneath the three.8% anticipated. Core CPI cooled to 2.6%, under forecasts, and was flat on the month.Crypto squeezed larger inside minutes. Bitcoin jumped from round $62,000 to reclaim $64,900, ETH surged 7% to $1,884, and roughly $300 million briefly positions had been liquidated as bears acquired run over.Notably, this was the final main inflation learn earlier than the Fed’s July 28-29 assembly, and it undercuts the rate-hike case that’s been capping the market all summer time. The percentages of a July price reduce fell from 35% on Polymarket to only 6% within the wake of CPI + Warsh’s commentary. Although odds of no less than 1 hike are nonetheless ~80% by finish of yr (down from 90%).Inside hours of the CPI print, Fed Chair Kevin Warsh testified to Congress, his first look since taking up from Powell. The most important takeaway from his testimony was his remark that if the Fed will get coverage proper, the inflation surge of the final 5 years “will probably be a factor of the previous.” He leaned exhausting into the AI story too, calling enterprise funding essentially the most hanging function of the financial system and predicting that what’s now known as “AI funding” will quickly simply be known as “funding,” a view that AI is essentially disinflationary.
Warsh: Fed has “no tolerance for persistently elevated inflation”
“If we get coverage proper—and we'll—the inflation surge of the final 5 years will probably be a factor of the previous.”
— Nick Timiraos (@NickTimiraos) July 14, 2026That stated, when requested instantly in regards to the morning’s CPI information, he pushed again on the optimism, saying some would possibly take a look at it and declare “mission achieved,” after which including flatly, “that isn't my view.” He gave no ahead steerage, no sign on the subsequent transfer, and reminded lawmakers the committee has “no tolerance” for elevated inflation. Some (myself included) could interpret that as a bit hawkish, and it does nonetheless really feel like a price hike could very effectively are available in 2026.Maybe we'll be taught extra at FOMC in 2 weeks. Till then, benefit from the pump…🌎 Macro Crypto and Markets
Crypto majors are very inexperienced after a chilly CPI print; BTC +3% at $64.6k; ETH +5% at $1,880; SOL +3% at $77; HYPE +7% at $68
PI (+15%), PUMP (+14%) and ZEC (+13%) led high movers
Oil -1% at $80; Gold -1% at $4,035
Inventory futures are barely inexperienced; DOW flat, Nasdaq +0.4%
The SEC Crypto Activity Power met with Hyperliquid’s Coverage Middle on Tuesday to debate crypto regulation and the way Hyperliquid suits in
A number of Senate Democrats got here out in opposition to the CLARITY Act, calling it a “corrupt invoice” at a press convention, escalating opposition over its failure to bar Trump and his household from profiting off crypto
The CFTC moved to cease Kalshi from canceling trades as ordered by a Michigan court docket, siding with the prediction-market platform in a jurisdictional conflict between the federal regulator and the state
The US and UK moved to align guidelines for tokenized finance, linking the world’s two largest monetary markets in a coordinated push to set shared requirements as tokenization scales
JPMorgan stated Hyperliquid’s rise threatens Circle’s USDC economics, making a “prisoner’s dilemma” that pits Circle and Coinbase in opposition to one another for distribution
Mizuho downgraded Circle to underperform and reduce its value goal to $50 on the Open USD menace, warning the 140-backer consortium endangers USDC’s core reserve-yield economics
In the meantime, Circle signed an MOU with JCB, Japan’s largest card community, to discover stablecoin funds throughout roughly 40 million retailers
Coinbase’s Head of Platform stated that 95-100% of its code is now written by AI or AI-assisted
Company Treasuries & ETFs
The Bitcoin ETFs noticed $181M in web inflows on Tuesday; the ETH ETFs noticed $58M in inflows
Tom Lee’s Bitmine generated $45M from ETH staking in Q2 based on their newest submitting
Meme Coin Tracker
Meme leaders had been principally inexperienced up 2-3%; DOGE +2%, SHIB +3%, PEPE +2%, PENGU +7%, TRUMP +2%, BONK -3%
Robinhood chain memes had a risky day as earlier leaders bought off with Cashcat -30%, Juggernaut -38% and Hoodrat -47%, whereas new launchpad PONS jumped 13x and new RWA protocol INDEX jumped 400%
No notable motion on Solana
📈 Myriad Market of the Day💰 Token, Airdrop & Protocol Tracker
Pump.enjoyable accomplished its first main unlock on the 1-year mark, with $86M in workforce and investor PUMP tokens hitting the market
Binance is betting on changing into a crypto “super-app” as stablecoins reshape its progress, increasing past buying and selling into funds and monetary providers.
🚚 What is going on in NFTs?
NFT leaders had been principally flat; Punks even at 32.4 ETH, BAYC +1% at 8.94 ETH, Pudgy +1% at 4.37 ETH; Hypurr’s -2% at 175 HYPE
Cryptoadz (+22%) and Trolls (+26%) led high movers
New Robinhood NFT units jumped together with RDEGEN Hood (+450%) and Publish Mortem (+60%)
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