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Enhanced Bitcoin Volatility as May’s Inflation Numbers Come In

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The U.S. Bureau of Labor Statistics has published a consumer price index for all urban consumers, an indicator that is primarily used to measure inflation in the country. This caused significant turmoil in the price of bitcoin.

In May, the consumer price index for all urban consumers rose 1.0 percent seasonally and rose 8.6 percent seasonally in the past 12 months.

  • Growth occurs due to rising prices for housing, gasoline and food. The gasoline index rose 4.1 percent and the food index rose 1.2 percent in May.
  • This caused significant fluctuations in the price of BTC. The cryptocurrency fell below the coveted $30k level after hitting an hourly high of nearly $30,200 (on Binance).
Source: Binance via TradingView

  • However, the liquidation in the last hour is just under $100 million, but most of it is in perpetual ETH.
  • In fact, the largest liquidation order was placed on BitMEX and it was ETH/USD perpetual with a face value of a whopping $26 million.
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Credit : cryptopotato.com

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