$546.68M in crypto longs liquidated in one hour as PPI data triggers sell-off
Main Idea
Cryptocurrency markets faced a significant sell-off following higher-than-expected U.S. Producer Price Index (PPI) data, resulting in massive liquidations and sharp price declines for Bitcoin and Ethereum.
Key Points
1. Over $577 million in liquidations occurred, with $546.68 million in long positions wiped out in just the past hour.
2. The producer price index rose 0.9% in July, exceeding expectations of 0.2%, while core PPI also surged 0.9% against forecasts of 0.3%.
3. Bitcoin (BTC) dropped 3.93% from its record high of $124,457.12 to $118,494.20, and Ethereum (ETH) fell 3.65% from its peak to $4,576.79.
4. Total liquidations over the past 24 hours reached $1.05 billion, affecting 216,613 traders, with long positions accounting for $780.26 million.
5. The largest single liquidation was a BTCUSD position worth $10 million on Bybit.
Description
Cryptocurrency markets are experiencing a dramatic sell-off following the release of U.S. Producer Price Index (PPI) data, with over $577 million in liquidations as of press time, including $546.68 million in long positions , wiped out in just the past hour. Crypto liquidation chart. Source: Coinglass The producer price index jumped 0.9% in July versus expectations of just 0.2%, while core PPI also surged 0.9% against forecasts of 0.3%. On an annual basis, headline PPI increased 3.3%, the bigges...
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