Crypto Markets Experience Turbulence as Inflation Concerns Soar

Key Points

1. The U.S. PPI data exceeded expectations, triggering a sell-off in crypto markets and over $1 billion in leveraged position liquidations.

2. Bitcoin briefly reached an all-time high above $123,500 before declining, while altcoins like Dogecoin, Solana, XRP, and BNB saw losses between 3% and 9%.

3. Long position liquidations totaled $866 million, far exceeding short position losses of $140 million, with Ethereum and Bitcoin seeing $348.9 million and $177.1 million in liquidations, respectively.

4. Bybit had the highest liquidation volume at $421.9 million, mostly from long positions, followed by Binance ($249.9 million) and OKX ($125.1 million).

5. Market experts noted that macroeconomic factors, including Fed rate cut uncertainties, influenced the volatility, with investors closely monitoring inflation data and Fed announcements.