Bitcoin short liquidations have spiked to more than $28 million in the past 24 hours after the largest digital asset by market cap rallied above the $69,000 mark.

The rise in bitcoin’s price saw a total of $48 million in liquidated bitcoin positions. The wider cryptocurrency market was hit by over $198 million in liquidations in the same period, according to Coinglass data.

The rally follows the release of U.S. inflation data on Wednesday that showed headline CPI increased by a cooler-then-expected 3.3% year-over-year in May, versus the 3.4% expected by economists, according to FactSet.

FOMC meeting following CPI print

Later today, the U.S. Federal Reserve’s rate-setting meeting is anticipated to yield no surprises, with CME Group forecasting a 99.4% probability that the Fed will …