Long Liquidations Hit $570 Million in Crypto Market

The cryptocurrency market saw a wave of massive liquidations over the last 24 hours. The volume of forced long position closures reached $570 million. This movement comes amid a widespread devaluation of digital assets.

Bitcoin retreated to the $72,700 range following the release of inflation data in the United States. The consumer price index came in higher than market expectations. This instability caused a domino effect that impacted higher-risk assets.

Altcoins saw drops exceeding 5% during the same period. Ethereum neared the psychological support level of $2,000 as it traded at $2,010. Meanwhile, XRP fell to a level below $1.05.

Data from a specialized platform shows that more than 115,000 traders were affected by the scenario. Ethereum led the liquidation volume with $252 million. Bitcoin accounted for nearly $200 million of the total losses recorded.

Extreme volatility reflects the adjustment of global macroeconomic expectations. This climate of uncertainty regarding American monetary policy tends to increase selling pressure on risk assets and strengthen demand for the dollar.