Major cryptocurrencies experienced a drop on Monday, with $250 million in the crypto derivatives market facing liquidations.
Cryptocurrency
Gains +/-
Price (Recorded 12:00 a.m. EDT)
Bitcoin (CRYPTO: BTC)
-3.10%
$69,058
Ethereum (CRYPTO: ETH)
-5.12%
$3,500
Dogecoin (CRYPTO: DOGE)
+5.30%
$0.18
What Happened: The increase in cryptocurrency prices couldn't be maintained as we approach the April 10Consumer Price Index(CPI) release, which is anticipated to be higher than expected.
As a result, major cryptocurrencies experienced a decrease in prices, triggering a wave of liquidations in the derivatives market. This caught bullish traders by surprise, resulting in a surge of long liquidations.
In the past 24 hours, over $242.87 million in long positions have been liquidated in the crypto market, with $152 million wiped out in the past...