Bitcoin fell to $72,700 after a US CPI reading came in higher than expected, its lowest price since the August breakout began. Ethereum and XRP slid more than 5%, and CoinGlass data shows longs account for $570 million of nearly $700 million in 24-hour liquidations.
Bitcoin plunged to $72,700 on Monday, ending a brief rebound that followed the US CPI release. The drop marks its lowest price since the August breakout began.
CPI reading triggers another leg down
Bitcoin had tanked from over $81,000 to under $76,000 in last Thursday's crash. On Monday, it fell further to $73,600, a new local low, before it rebounded to over $75,000 in intra-day trading.
Then the CPI data arrived. Bitcoin held at $74,400 before the reading, but the actual MoM increase came in higher than expected, and BTC dipped by nearly a grand almost immediately.
Buyers pushed the price back to $74,800. That recovery failed, however, and bitcoin dropped again to $72,700.
Altcoins lose over 5% in 24 hours
Altcoins followed bitcoin lower, posting losses of over 5% in the past 24 hours. Ethereum fell by over 5% to $2,010, just above the $2,000 support level.
XRP slid by a similar percentage and now trades below $1.05. SOL is down 5% to $82, while ZEC dropped almost 13% to $1,030.
Longs absorb most of the liquidations
CoinGlass data shows $580 million in positions wrecked over the past four hours, with $484 million coming from longs. Over 24 hours, nearly $700 million was wrecked, and longs account for $570 million of that total.
Source: CryptoPotato
Trading involves risk.
Risk Disclaimer
