Nearly $300 million worth of Bitcoin (BTC) and other crypto assets have disappeared from the markets as inflation continues to rise.
According to Crypto Data Aggregator coin glassthe digital asset market is in the midst of a massive sell-off.
Market-moving liquidations occur when a large number of traders do not have sufficient funds to keep a leveraged trade open.
Part of the reason for the mass exodus from crypto is the latest data revealed by the Consumer Price Index (CPI), which measures the rate at which the prices of goods and services in the US economy are rising.
According to US Bureau of Labor Statisticsthe current CPI announces bad news for the US economy.
The new Consumer Price Index data is worse than expected as markets expected year-on-year inflation to be 8.1%, but the figure has risen. established at 8.3%.
The lackluster numbers mean Federal Reserve Chairman Jerome Powell is likely to keep raising rates for longer than investors hope, raising the cost of borrowing across the economy and putting pressure on positions. leverage.
BTC is down more than 6% in the last 24 hours and is currently changing hands for $20,803. Ethereum (ETH) is down more than 7% over the same period, trading at $1,597 at the time of writing.
Similarly, the total crypto market capitalization (TOTAL) is currently down 5.3% in the last 24 hours.
Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and any loss you may incur is your responsibility. The Daily Hodl does not recommend the buying or selling of cryptocurrencies or digital assets, nor is The Daily Hodl an investment adviser. Please note that The Daily Hodl engages in affiliate marketing.
Featured Image: Shutterstock/Panuwatccn/PurpleRender