Bitcoin Price Plummets Toward $59K, $250M Liquidated in a Day

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Cryptopotato2024/10/09 16:00

By:Author: George Georgiev

Bitcoin’s price plummeted toward $59K today, wiping off hundreds of millions from the derivatives market.

The cryptocurrency market has seen better days.

Bitcoin’s price hovered at the $62,000 range for a few days, but it appears that the bears were finally able to take full control.

Just a few moments ago, BTC dropped below $59,000, reaching a local low of $58,867.

The move has resulted in the liquidation of more than $250 million in leveraged positions, the majority of which, of course, is long.

As CryptoPotato reported earlier today, Bitcoin’s price reacted negatively to the announcement of higher-than-expected CPI numbers. The Consumer Price Index is a gauge for inflation in the United States. An increase essentially means that the Federal Reserve might not cut rates again in November, which is bad news for risk-on assets such as Bitcoin.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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