Bitcoin extended its daily losses to a fresh multi-month low well below $73,000, leading a broad decline across major cryptocurrencies. The move came less than an hour after a brief rebound following the release of US consumer price index data, according to CryptoPotato.
The selloff intensified after the CPI report showed a higher-than-expected month-over-month increase. Bitcoin had been relatively stable at $74,400 before the reading, dipped almost immediately by nearly $1,000, recovered to $74,800, and then plunged again minutes later to $72,700 — its lowest price since the August breakout began.
Altcoins Post Steep Losses
Major altcoins followed Bitcoin lower, posting losses of over 5% in the past 24 hours. Ether slumped to $2,010, just above the key $2,000 support level. XRP fell below $1.05, down by a similar percentage. Solana (SOL) dropped 5% to $82, while Zcash (ZEC) nosedived almost 13% to $1,030.
Liquidations Climb
Data from CoinGlass showed that $580 million in positions were liquidated in the past four hours alone, with $484 million coming from longs. On a 24-hour basis, nearly $700 million was wiped out, and longs accounted for $570 million of that total.
Ether led the adverse trend with $252 million in liquidated positions, while Bitcoin accounted for close to $200 million. More than 115,000 traders were liquidated, and the single-largest wiped-out position was worth more than $31 million on HTX.
