The liquidations in the crypto market skyrocketed to $200 million on a daily scale as bitcoin, and most altcoins, dumped and pumped in a matter of hours. This came following reports about the US inflation rates, which spiked to a new 40-year high.
- CryptoPotato reported earlier today when the primary cryptocurrency had reclaimed $44,000 and seemed rather calm around that level.
- However, BTC neared $45,000 in the following hours, but the bullish run was stopped in its tracks after the US showcased its latest inflation rate numbers.
- After the Consumer Price Index displayed its highest percentage in over 40 years for the month of January of 7.5%, bitcoin headed straight south.
- In a matter of minutes, BTC dumped by nearly $2,000 to just over $43,000. Most alternative coins followed, but this retracement was short-lived.
- Bitcoin reacted well and initiated a leg up that drove it upwards by $2,000, thus breaching $45,000 for the second time in a few days. Somewhat expectedly, most altcoins followed suit.
- This enhanced volatility caused mass pain for some leveraged traders. Data from Coinglass shows that the liquidations shot up to over $200 million on a daily scale and more than $120 million in the past four hours.
- So far, the number of liquidated traders stands close to 70,000, while the single-largest liquidation order happened on FTX and was worth $1.5 million.
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