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Home CRYPTO

Over $250 Million in Crypto Liquidated as Bitcoin Dips Below $59,000

by Sham
October 10, 2024
in CRYPTO, FINANCE
Reading Time: 2 mins read
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• Bitcoin’s price plummeted toward $59K today
• Over $250 million was liquidated in leveraged positions, mostly longs
• The drop was likely caused by higher-than-expected US inflation numbers, reducing chances of a Fed rate cut in November

Bitcoin’s price plummeted toward $59K today, wiping off hundreds of millions from the derivatives market.

JUST IN: A Bitcoin $BTC long trader was just liquidated for $10.5 million 😳 pic.twitter.com/udm5J1v2Er

— BlockNews.com (@blocknewsdotcom) October 10, 2024

Bitcoin Price Drops Below $59K

The cryptocurrency market has seen better days. Bitcoin‘s price hovered at the $62,000 range for a few days, but it appears that the bears were finally able to take full control. Just a few moments ago, BTC dropped below $59,000, reaching a local low of $58,867.

The move has resulted in the liquidation of more than $250 million in leveraged positions, the majority of which of course is long.

Reaction to CPI Numbers

Bitcoin’s price reacted negatively to the announcement of higher-than-expected CPI numbers. The Consumer Price Index is a gauge for inflation in the United States. An increase essentially means that the Federal Reserve might not cut rates again in November, which is bad news for risk-on assets such as Bitcoin.

Conclusion

The cryptocurrency market has seen significant volatility in response to macroeconomic factors like inflation data. Bitcoin dropped below $59K, resulting in over $250 million in liquidations. The price action shows the market’s sensitivity to interest rate expectations.

Tags: BitcoinBTCCrypto LiquidatedcryptocurrencyFederal Reserve
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