Even though the crypto community saw Bitcoin (BTC) jump past the $ 70,000 level yesterday, the price of the crypto king dropped almost 10% on the same day.
What happen?
The Bitcoin price recorded an all -time high price (ATH), $ 69,019 yesterday, making it the first record in its history to approach the $ 70,000 level.
The latest surge of BTC is related to the increase in the annual US Consumer Price Index (CPI) to 6.2% in the October issue, making it the highest record in three decades.
Based on observations, core inflation in the United States (US) has increased by 4.6% since August 1991.
However the crypto market was dragged into the red ocean when the BTC slipped by 8.98% to a daily low, $ 62,831.35 on the same day after touching the ATH level.
It is said that as much as $ 700 million of crypto assets have been liquidated with data from Bybt recording 81% of liquidation activity from long positions, and most of it takes place on the Binance crypto exchange platform.
Meanwhile Bitmex recorded the largest single liquidation with a value of up to $ 65.66 million. It involves Cardano (ADA) with a total liquidation of those assets up to 65%.
At the time of writing, BTC posted a trading value, $ 64,687 down nearly 4% in 24 hours.
