Wednesday

Bitcoin

The digital asset’s market recorded a flash crash on Wednesday morning trading hours dragging Bitcoin (BTC) to drop below the $70,000 price level. The decline comes in as investors are waiting for the crucial release of the <a href="https://news.todayq.com/bitcoin-hits-71250-will-btc-settle-here/" rel="noopener noreferrer nofollow">Consumer Price Index</a> (CPI) data. Data shows that crypto longers are the most hurt traders in the last 24 hours. Crypto market records massive liquidations 
As per the data shared by Coinglass, the crypto’s future market recorded a massive liquidation as more than 103k traders got liquidated in the last 24 hours. The total liquidations recorded by the tracker stood at $290.08 million. While the single largest liquidation order took place on the crypto exchange Bybit of BTCUSD, valued at $8.38 million.
It is important to note that $236.91 million worth of liquidation comes through the long positions which makes it over 81% of them all. However, this also suggests that the investors were expecting the crypto market to keep surging after a good comeback from Bitcoin to jump over $72,000.
Bitcoin price dropped by 2% in the last 24 hours, however, it has also flashed a marginal drop in the last 30 days. BTC price dropped below the $70K price level which might have hurt the investors’ sentiments. It is trading at an average price of $69,405, at the press time. Its 24 hour trading volume is down by 11% to stand at $35.3 billion. Source: Coinglass CPI data fear looming in? 
The cumulative crypto market cap is down by 3% over the last day to stand at $2.6 trillion. The decline comes in amid a highly anticipated report that could influence expectations regarding the Federal Reserve’s stand on interest rates. The concerns have jumped over the possibility of higher than expected inflation readings. This might have prompted some investors to hedge their positions.
Ethereum, the second biggest crypto, is already trailing with a 10% decline recorded in the last 30 days. ETH price dropped by around 3% in the last 24 hours. It is trading at an average price of $3,538, at the press time. Its 24 hour trading volume is down by 18% to stand at $16.9 billion.
Reports show that the stock market showed modest gains ahead of the Inflation Data release. The Nasdaq and S&amp;P 500 indices recorded a surge on Tuesday. The Nasdaq Composite came in leading the charge, while the Dow Jones Industrial Average remained relatively unchanged.

Crypto flash crash as Bitcoin dips below $70k, long positions hit hard

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