Hot Moments: Bitcoin Experience Sharp Decline! What’s Causing the Downturn?

The cryptocurrency market has fallen significantly in recent hours.

Bitcoin price fell below $68,000, declining by over 2% in the last hour, and is trading at $67,670 at the time of writing.

The rest of the cryptocurrency market also experienced declines, led by BTC.

The reason for the sharp decline is shown to be that the inflation data announced today in the USA came in above expectations. Annual CPI inflation data in the USA, announced about an hour ago, was recorded at 3.5% instead of the expected 3.4%. In addition, monthly inflation data was measured as 0.4% instead of the expected 0.3%.

Ethereum lost 2.72% in the last hour, Solana lost 3%, Dogecoin lost 3.11%, and XRP lost 1.88%.

Due to the impact of the declines, there was a liquidation of $70 million in the cryptocurrency market in the last hour. $65 million of the liquidations took place in long positions.

$16 million of the liquidations were recorded in Bitcoin, $12 million in Ethereum, $5 million in Solana, and $2 million in Dogecoin.

Table showing the liquidations that took place in the last hour.

*This is not investment advice.

Source