About $300 million worth of Bitcoin (Bitcoin) and other crypto assets have disappeared from the market as inflation continues to soar.
According to Crypto Data Aggregator coin glassthe digital asset market is in the midst of a massive liquidation.
Market-moving liquidations occur when a large number of traders do not have sufficient funds to keep their leveraged trades open.
Part of the reason for the massive outflow of cryptocurrencies is the latest data revealed by the Consumer Price Index (CPI), which measures the rate of increase in prices of goods and services in the US economy.
according to U.S. Bureau of Labor Statisticsthe current CPI spells bad news for the US economy.
The new CPI data is worse than expected as the market expected 8.1% year-on-year inflation, but the actual number was 8.3%.
The low numbers mean that Federal Reserve Chairman Jerome Powell is likely to keep raising rates longer than investors expect, which will increase the cost of borrowing money across the economy and put them in a leveraged position. apply pressure.
BTC has fallen more than 6% in the last 24 hours and is currently trading at $20,803. Ethereum (ethereum) is down more than 7% over the same span, trading at $1,597 at the time of writing.
Following this, total cryptocurrency market capitalization (TOTAL) is now down 5.3% in the last 24 hours.
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Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should exercise caution before making risky investments in Bitcoin, cryptocurrencies or digital assets. Please note that your money transfers and transactions are made at your own risk and you are responsible for any losses you may incur. The Daily Hodl does not endorse the buying or selling of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. The Daily Hodl participates in affiliate marketing.
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