Bitcoin Price Plummets Toward $59K, $250M Liquidated in a Day
Bitcoin’s price plummeted toward $59K today, wiping off hundreds of millions from the derivatives market.
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.
As CryptoPotato reported earlier today, 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.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Solana Gains Developer Momentum Amid Institutional Interest
BTC and ETH Hit Extreme Greed Levels in May 2025
Dogecoin, Cardano, XRP Prices Fall Amidst Market Turmoil
Polygon Co-Founder Mihailo Bjelic Steps Down, Plans to Stay in Crypto Space
Bjelic announced he would wind down his day-to-day involvement with the project but hinted that his journey in crypto is far from over.
Trending news
MoreCrypto prices
More
