The impact of US Consumer Price Index (CPI) reports on Bitcoin and cryptocurrency prices had lessened in the past few months. However, this pattern shifted unexpectedly today.
Following an unexpectedly large inflation surge in the world’s biggest economy, Bitcoin experienced significant price volatility within hours, resulting in approximately $300 million worth of liquidations.
In simpler terms, the Consumer Price Index (CPI) from March 2024 was 3.5% greater than it was during the same month in the previous year. Essentially, the CPI number for March 2024 is higher than it was in February 2024.
Without including the unstable categories of energy and food, the central Consumer Price Index rose by 3.8% compared to March of the previous year.
The two numbers surprised everyone by being bigger than anticipated, sparking curiosity about the US Federal Reserve’s next move in its fight against inflation.
This additionally led to increased instability for Bitcoin and the cryptocurrency market as a whole, a factor that the industry had previously overlooked.
The price of Bitcoin had been declining day-to-day and reached $69,000. But once the announcement was made, it dropped significantly to $67,500 in a short time frame.
The price of Bitcoin rose by approximately $1,000 as the bulls regained control momentarily. Likewise, most altcoins exhibited comparable price increases.
Over-extended traders have suffered significant losses due to the market’s instability, with approximately $300 million worth of damaged positions reported daily by CoinGlass. In the last 24 hours, over 100,000 traders have faced liquidation, and the largest single order, transacted on Bybit, surpassed $8 million.
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2024-04-10 17:58