$300 million was liquidated in BTC's rollercoaster ride following the US CPI announcement

The price fluctuations for Bitcoin and the overall crypto market triggered by US CPI announcements had disappeared in recent months, but that trend changed earlier today.

After the world's largest economy saw a larger-than-expected rise in inflation, BTC soared wildly in a matter of hours, leaving liquidations worth nearly $300 million.

The consumer price index for March showed an increase of 3.5% for March 2024 compared to the same month last year. This actually means a higher number than in February.

The core CPI, which excludes more volatile sectors such as energy and food, also rose 3.8% from March last year.

Both numbers were actually above consensus expectations, leading to speculation about what the Federal Reserve will do next in the fight against inflation.

This also led to more volatility for BTC and the entire crypto market, something the industry had forgotten.

The Bitcoin price was already trading in the red every day and fell to $69,000. However, after the announcement rose to $67,500 within minutes, the price continued to plummet.

The bulls came back shortly after and pushed BTC up by around a thousand. Most altcoins followed suit with similar price movements.

This volatility has hurt overly leveraged traders, with the total value of destroyed positions reaching nearly $300 million daily, according to CoinGlass. More than 100,000 traders were liquidated in the past day, with the largest order being on Bybit, valued at over $8 million.

Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers