Over $320,000,000 of Bitcoin and Crypto Liquidated in Last 24 Hours as Inflation Data Triggers Market Rebound

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Hundreds of millions of dollars worth of Bitcoin (BTC) and other crypto assets have been liquidated over the past day as new inflation triggers a rebound for markets.

According to the new Consumer Price Index (CPI) report from the U.S. Bureau of Labor Statistics, which broadly measures changes in the prices paid for goods and services by customers minus food and gasoline, inflation has increased by 6.5% year-on-year since December 2021-2022.

News of the weakest 12-month increase since the period ending October 2021 sent markets skyrocketing despite the liquidation of $320 million in digital assets in the past 24 hours, according to market analytics firm Coinglass.

Data from Coinglass reveals that the top-selling crypto asset was Ethereum (ETH), the leading smart contract platform by market capitalization. In the past day, $36.35 million of ETH was liquidated while around $18.3 million of BTC was sold.

Bitcoin is changing hands for $18,262 at the time of writing while ETH is moving for $1,385.

Other notable crypto assets on the list include decentralized peer-to-peer network and BTC alternative Litecoin (LTC), meme asset Dogecoin (DOGE), XRP, and Ethereum rival Solana (SOL).

Crypto assets saw $2.34 million, $2.24 million, $1.69 million, and $1.36 in liquidations, respectively.

Around 18% of the overall liquidations came from just two sources: crypto exchanges OKX and Binance. According to Coinglass, OKX recorded liquidations worth $41.7, while the world’s largest digital asset exchange by volume recorded almost $16 million.

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