\n\t\t\t\t\t\t\t\t\tETH is close to breaking below $2,000, while XRP is knocking on the $1.00 door.\t\t\t\t\t\t\t\t<\/p>\n<\/p><\/div>\n
The brief rebound following the US CPI release came to an end less than an hour ago, as BTC extended the daily losses, dumping to a fresh multi-month low of well below $73,000.<\/p>\n
The altcoins have followed suit as they typically do in such dire market conditions, posting major losses of over 5% in the past 24 hours. Naturally, the liquidations are on the rise again.<\/p>\n
CPI to Blame?<\/h2>\n
Recall that the primary cryptocurrency tanked hard on Monday morning, which only worsened its situation following last Thursday\u2019s big crash when it tanked from over $81,000 to under $76,000. On Monday, though, the bears took it a step further to $73,600, which became a new local low.<\/p>\n
After rebounding to over $75,000 in intra-day trading, the bulls quickly lost control while all eyes turned to today\u2019s CPI release. Bitcoin remained<\/a> relatively stable at $74,400 before the reading was announced. However, since the actual MoM increase was higher than expected<\/a>, BTC dipped almost immediately by nearly a grand.<\/p>\n The bulls managed to step up at this point and helped it recover to $74,800. That was another fakeout, though; bitcoin plunged once again minutes ago to $72,700. This became its lowest price tag since the August breakout began.<\/p>\n The situation among the altcoin space is even more dire. Ethereum has slumped by over 5%, and it came to $2,010, just inches above the key $2,000 support. XRP has slumped by a similar percentage, and it now trades below $1.05. SOL is down by 5% as well to $82, while ZEC has nosedived by almost 13% to $1,030.<\/p>\n Data from CoinGlass paints a clear and painful picture. The total value of wrecked positions in the past four hours alone is at $580 million. $484 million out of that total came from longs. The landscape on a 24-hour scale is even more violent, with nearly $700 million wrecked, while longs are responsible for $570 million.<\/p>\n ETH once again leads this adverse trend, with $252 million worth of liquidated positions, while BTC is at close to $200 million. The total number of wrecked traders is above 115,000, while the single-largest wiped-out position was worth more than $31 million, and it took place on HTX.<\/p>\n \u00a0<\/p>\nLiquidations on the Rise<\/h2>\n
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