The United States Bureau of Labor Statistics released the Consumer Price Index for all urban consumers – the metric that is largely used to measure inflation in the country. This caused huge volatility in the price of bitcoin.
In May, the consumer price index for all urban consumers rose 1.0 percent, not seasonally adjusted, and rose 8.6 percent over the past 12 months, not seasonally adjusted.
- The increase has been due to an increase in shelter, gasoline and food prices. The petrol index rose 4.1 per cent in May, while the food index rose 1.2 per cent.
- This caused a lot of volatility in the price of BTC. After reaching an hourly high of around $30,200 (on Binance), the cryptocurrency declined below the coveted $30,000 level.
- That said, the amount of liquidations in the past hour is a little under $100 million, but the majority of it comes from ETH perpetuity.
- In fact, the largest single liquidation order ever occurred on BitMEX, and it was one ETH/USD with a face value of $26 million.
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