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...
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