Hundreds of millions of dollars worth of Bitcoin (BTC) and other crypto assets have been liquidated in the last day as new inflation triggers a bounce for the markets.
According to the U.S. Bureau of Labor Statistics’ new Consumer Price Index (CPI) report, which broadly measures the changes in prices paid for goods and services by customers minus food and gas, inflation has risen 6.5% year over year from December 2021-2022.
News of the smallest 12-month increase since the period ending October 2021 sent the markets flying despite $320 million worth of digital assets being liquidated during the last 24 hours, according to market analytics firm Coinglass.
Data from Coinglass reveals that the most sold crypto asset was Ethereum (ETH), the leading smart contract platform by market cap. In the last day, $36.35 million worth of ETH has been liquidated while about $18.3 million worth of BTC was sold off.
Bitcoin is changing hands for $18,262 at time of writing while ETH is moving for $1,385.
Other notable crypto assets on the list include peer-to-peer decentralized network and BTC alternative Litecoin (LTC), meme asset Dogecoin (DOGE), XRP, and Ethereum rival Solana (SOL).
The crypto assets saw $2.34 million, $2.24 million, $1.69 million, and $1.36 in liquidations, respectively.
About 18% of the overall liquidations came from just two sources: crypto exchange platforms OKX and Binance. According to Coinglass, OKX saw $41.7 worth of liquidations while the world’s largest digital asset exchange by volume saw nearly $16 million.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxFeatured Image: Shutterstock/wirow/PurpleRender