The brief rebound following the US CPI release came to an end less than an hour ago, as BTC extended the daily losses, dumping to a fresh multi-month low of well below $73,000.
The altcoins have followed suit as they typically do in such dire market conditions, posting major losses of over 5% in the past 24 hours. Naturally, the liquidations are on the rise again.
CPI to Blame?
Recall that the primary cryptocurrency tanked hard on Monday morning, which only worsened its situation following last Thursday’s big crash when it tanked from over $81,000 to under $76,000. On Monday, though, the bears took it a step further to $73,600, which became a new local low.
After rebounding to over $75,000 in intra-day trading, the bulls quickly lost control while all eyes turned to today’s CPI release. Bitcoin remained relatively stable at $74,400 before the reading was announced. However, since the actual MoM increase was higher than expected, BTC dipped almost immediately by nearly a grand.
The bulls managed to step up at this point and helped it recover to $74,800. That was another fakeout, though; bitcoin plunged once again minutes ago to $72,700. This became its lowest price tag since the August breakout began.
The situation among the altcoin space is even more dire. Ethereum has slumped by over 5%, and it came to $2,010, just inches above the key $2,000 support. XRP has slumped by a similar percentage, and it now trades below $1.05. SOL is down by 5% as well to $82, while ZEC has nosedived by almost 13% to $1,030.
Liquidations on the Rise
Data from CoinGlass paints a clear and painful picture. The total value of wrecked positions in the past four hours alone is at $580 million. $484 million out of that total came from longs. The landscape on a 24-hour scale is even more violent, with nearly $700 million wrecked, while longs are responsible for $570 million.
ETH once again leads this adverse trend, with $252 million worth of liquidated positions, while BTC is at close to $200 million. The total number of wrecked traders is above 115,000, while the single-largest wiped-out position was worth more than $31 million, and it took place on HTX.
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