The number of liquidated traders and the value of liquidations skyrocketed to over $200 million on a daily scale as BTC, and the entire crypto market experienced enhanced volatility following the record-breaking US inflation data.
The past several days didn’t go all that well for the primary cryptocurrency, which lost the coveted $20,000 mark yesterday and dropped to a 9-day low of $19,200 earlier today.
However, the asset had recovered some ground and stood close to $20,000 up until a few hours ago.
At this point, though, the landscape changed as the US announced the highest inflation data in over 40 years of 9.1% (for June).
As with previous occasions, this brought considerable volatility in the crypto markets as BTC went to just over $20,000 before it slumped to a new 10-day low of under $19,000. As of now, bitcoin seems settled at just over $19,000.
The altcoins experienced similar price movements, and most are in the red now. ETH is close to breaking below $1,000, while Cardano, Polkadot, and MATIC are down by over 5%.
As such, over-leveraged traders are suffering as the number of liquidated ones on a daily scale has exceeded 70,000. The total value of liquidations is well beyond $200 million in the same timeframe, and it’s at $80 million in the past hour.