Traders going long on bitcoin, ether and other cryptocurrencies were hit by $203 million in liquidations on Thursday.
The crypto market was in flux ahead of U.S. inflation data today, with the market contracting ahead of the release at 08:30 am ET. Markets sold-off following the higher-than-expected inflation figures as core inflation reached its highest level since 1982, up 6.6% year-on-year.
Thursday's liquidations were the highest since Sept. 18, when just under $215 million worth of long positions were liquidated on crypto exchanges, according to The Block's Data Dashboard.
Bitcoin accounts for $46 million of the $203 million in long liquidations today, roughly 22%, according to The Block's data.
The liquidations come amid a choppy backdrop for cryptocurrencies as the latest macroeconomic data from the U.S. suggests further restrictive policy from the Federal Reserve. Prices contracted in the morning ahead of CPI but plunged following the hot U.S. inflation numbers.
In keeping with the volatile price action, bitcoin was back within touching distance of $19,000 at the time of writing as equities also reclaimed earlier losses.
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