Bitcoin hit an intraday low of $79,730 before staging a recovery to hover near $82,000. The downward move came as rising U.S. wholesale inflation worsened a broader cryptocurrency selloff, which resulted in nearly $940 million in liquidations.
These losses deepened as hotter-than-expected inflation reports sparked fears that the Federal Reserve might implement another interest rate hike. Data from CoinGlass indicates that 176,506 traders faced liquidation during the event.
Frequently Asked Questions
What was Bitcoin’s intraday low during the selloff?
Bitcoin dropped to an intraday low of $79,730 before recovering to about $82,000.
How much money was wiped out in cryptocurrency liquidations?
The market downturn triggered nearly $940 million in liquidations.
How many traders were affected by the liquidations?
According to CoinGlass, a total of 176,506 traders were liquidated.
What caused the cryptocurrency selloff?
The selloff was intensified by surging U.S. wholesale inflation data that raised concerns about potential interest rate hikes by the Federal Reserve.
