Enhanced Bitcoin Volatility as May’s Inflation Numbers Come In


The United States Bureau of Labor Statistics released the Consumer Price Index for all urban consumers – the metric that’s largely used to gauge inflation in the country. This caused significant turbulence in Bitcoin’s price.

In May, the Consumer Price Index for All Urban Consumers rose 1.0 percent, not seasonally adjusted, and rose 8.6 percent over the last 12 months, not seasonally adjusted.

  • The increase comes on the back of growing shelter, gasoline, and food prices. The gasoline index increased 4.1 percent, while the food index increased by 1.2 percent in May.
  • This caused some considerable turbulence in the price of BTC. The cryptocurrency dropped below the coveted $30K level after reaching an hourly high at almost $30,200 (on Binance).
Related:  Russia May Introduce "Targeted" CBDC by 2023
img1_btcchart
Source: Binance via TradingView

 

  • That said, liquidations in the past hour amount to slightly less than $100 million, but the majority of it comes from ETH perpetual.
  • In fact, the largest single liquidation order took place on BitMEX, and it was an ETH/USD perpetual with a face value of a whopping $26 million.
SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.


Download MAXBIT Android App, Your best source of all crypto news!

Google Play

Source link

Share this article: