US PPI Generates Shockwave as 3.3% Annual Rise Triggers Market Meltdown, Over $500 Million in Crypto Longs Liquidated
Main Idea
The US Producer Price Index (PPI) for July showed a significant rise, triggering a market downturn with over $500 million in crypto long positions liquidated.
Key Points
1. The PPI for July rose 0.9% month-over-month, the largest gain since May 2022, and 3.3% year-over-year, exceeding forecasts.
2. Core PPI (excluding food, energy, and trade services) increased 0.6% monthly and 2.8% year-over-year, the steepest rise since early 2022.
3. The crypto market experienced a sharp decline, with $1.04 billion in positions liquidated in 24 hours, including $538 million in long positions.
4. Over 218,000 traders were affected, with Bitcoin and Ethereum dropping significantly, and Dogecoin falling over 6%.
5. Despite the volatility, institutional inflows into spot Bitcoin ETFs remain strong, indicating continued bullish sentiment.
Description
The crypto market took a nosedive, as roughly $1.04 billion in crypto positions were liquidated in 24 hours Out of that amount, around $538 million were long positions being wiped out in less than an hour Ethereum long traders had the biggest losses, with liquidations going over $177 million The Producer Price Index (PPI) for July rose 0.9% month-over-month, marking its largest monthly gain since May 2022. Year-over-year, PPI climbed 3.3%, which is well above Wall Street’s forecast of approximat...
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