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$18M Bitcoin longs liquidated in 35 mins as US CPI hits 9.1%

Benzinga Real-time News ·  Jul 14, 2022 02:40

U.S. consumer inflation hit a 40-year high of 9.1% on Wednesday sending cryptocurrency markets plummeting briefly.

What Happened: According to data from Benzinga Pro, $Bitcoin(BTC.CC)$ plunged from $19,898 to a low of $18,999 after the numbers were released.

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The immediate aftermath of the sudden and sharp decline was a series of cascading BTC long liquidations. According to on-chain liquidation data from CoinGlass, $17.6 million Bitcoin longs were liquidated within 60 minutes of the negative price action.

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Bitcoin reversed much of the negative price action brought about by the inflation data in the hours that followed. The leading digital asset reclaimed the $20,000 price level, rising 5% over 24 hours.

This price reversal subsequently led to another set of liquidations over a 60-minute time frame — this time with $10.45 million worth of shorts liquidated.

Price Action: According to data from Benzinga Pro, at press time, Bitcoin was trading at $20,125. $Ethereum(ETH.CC)$ was trading at $1,107 and $Dogecoin(DOGE.CC)$ was trading at $0.06.

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more
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