Bullish Bets Lose $860M to Liquidations as ETH, BTC, XRP, DOGE Price Drop 9%
Main Idea
Cryptocurrency markets experienced significant liquidations totaling over $1 billion, with ETH, BTC, XRP, and DOGE dropping 9%, driven by macroeconomic factors and a sell-off following higher-than-expected U.S. Producer Price Index data.
Key Points
1. Ether traders faced the largest liquidations at $348.9 million, followed by Bitcoin at $177.1 million, with Solana, XRP, and Dogecoin also seeing substantial losses.
2. Bitcoin hit a record high above $123,500 before a sharp sell-off erased $866 million in long positions.
3. The sell-off was triggered by hotter-than-expected U.S. Producer Price Index (PPI) data, leading traders to unwind risk across the board.
4. The largest single liquidation was an ETH-USDT perpetual swap worth $6.25 million.
5. Market analysts attribute the volatility to macroeconomic factors, with traders closely watching U.S. economic data and Fed commentary for future market direction.
Description
Crypto markets saw over $1 billion in leveraged positions wiped out in the past 24 hours after hotter-than-expected U.S. Producer Price Index (PPI) data fueled fears of persistent inflation and delayed Federal Reserve rate-cut expectations. The sell-off came hours after bitcoin hit a fresh all-time high above $123,500, with traders unwinding risk across the board. Major memecoin dogecoin (DOGE) fell 9% to lead losses among majors, with Solana's SOL, XRP, and BNB Chain's BNB dropping between 3-7%...
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