$1.05B Liquidation Tsunami Wrecks Crypto Bulls Following Hot US Inflation Data – Bull Run Over?
Main Idea
The crypto market experienced a significant downturn with over $1.05 billion in liquidations following unexpectedly high U.S. inflation data, leading to a pause in the bull run and sharp declines in major cryptocurrencies.
Key Points
1. Over $1.05 billion in liquidations occurred in the crypto market after U.S. PPI data showed an annual inflation rate of 3.3%, exceeding expectations.
2. Ethereum suffered the most severe losses, falling 3.78%, with over $229 million in long positions liquidated, while Bitcoin declined 2.98%.
3. Popular trader AguilaTrades lost 18,323 ETH ($83.56 million) in the market crash, leaving only $330,000 in their account.
4. Treasury Secretary Bessent stated that the U.S. government will not be buying Bitcoin, contradicting previous promises of a Strategic Bitcoin Reserve.
5. The crypto Fear and Greed Index dropped to 66, indicating a shift from extreme fear levels, but the market remains volatile ahead of future FOMC meetings.
Description
The crypto market’s euphoric bull run has been brutally shattered as over $1.05 billion in liquidations swept through digital assets following unexpectedly high U.S. inflation data. On August 14, the U.S. Bureau of Labor Statistics (BLS) released July Producer Price Index (PPI) data showing an annual rate of 3.3%, with the previous month’s figure revised upward from 2.3% to 2.4%. This exceeded market expectations of 2.5% and brought the month-over-month PPI inflation to its hottest point since M...
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