$546.68M in crypto longs liquidated in one hour as PPI data triggers sell-off
Cryptocurrency markets are experiencing a dramatic sell-off following the release of U.S. Producer Price Index (PPI) data, with over $577 million in liquidations as of press time, including $546.68 million in long positions, wiped out in just the past hour. Crypto liquidation chart. Source: Coinglass The producer price index jumped 0.9% in July versus expectations of just 0.2%, while core PPI also surged 0.9% against forecasts of 0.3%. On an annual basis, headline PPI increased 3.3%, the biggest 12-month move since February and well above the Fed’s 2% target. Both Bitcoin (BTC) and Ethereum (ETH) were trading at all-time highs within the past 24 hours before reversing sharply. BTC has fallen from its record of $124,457.12 to $118,494.20, down 3.93% on the day. ETH has slid from its recent peak to $4,576.79, marking a 3.65% drop over the same period. The carnage follows wholesale prices rising far more than expected, casting doubt on anticipated Federal Re...