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The cryptocurrency market has seen better days.
Bitcoin’s price hovered at the $62,000 range for a few days, but it appears that the bears were finally able to take full control.
Just a few moments ago, BTC dropped below $59,000, reaching a local low of $58,867.
<figure id="attachment_365603" aria-describedby="caption-attachment-365603" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/10/BTCUSD_2024-10-10_22-23-24.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="size-full wp-image-365603" src="https://cryptopotato.com/wp-content/uploads/2024/10/BTCUSD_2024-10-10_22-23-24.png" alt="" width="3250" height="1586" srcset="https://cryptopotato.com/wp-content/uploads/2024/10/BTCUSD_2024-10-10_22-23-24.png 3250w, https://cryptopotato.com/wp-content/uploads/2024/10/BTCUSD_2024-10-10_22-23-24-300x146.png 300w, https://cryptopotato.com/wp-content/uploads/2024/10/BTCUSD_2024-10-10_22-23-24-1024x500.png 1024w, https://cryptopotato.com/wp-content/uploads/2024/10/BTCUSD_2024-10-10_22-23-24-768x375.png 768w, https://cryptopotato.com/wp-content/uploads/2024/10/BTCUSD_2024-10-10_22-23-24-1536x750.png 1536w, https://cryptopotato.com/wp-content/uploads/2024/10/BTCUSD_2024-10-10_22-23-24-2048x999.png 2048w, https://cryptopotato.com/wp-content/uploads/2024/10/BTCUSD_2024-10-10_22-23-24-50x24.png 50w" sizes="(max-width: 3250px) 100vw, 3250px"></a>
 <figcaption id="caption-attachment-365603" class="wp-caption-text">
 Source: TradingView
 </figcaption>
</figure>
The move has resulted in the liquidation of more than $250 million in leveraged positions, the majority of which, of course, is long.
As&nbsp;CryptoPotato&nbsp;reported earlier today, Bitcoin’s price reacted negatively to the announcement of higher-than-expected CPI numbers. The Consumer Price Index is a gauge for inflation in the United States. An increase essentially means that the Federal Reserve might not cut rates again in November, which is bad news for risk-on assets such as Bitcoin.
The post <a href="https://cryptopotato.com/bitcoin-price-plummets-toward-59k-250m-liquidated-in-a-day/" rel="noopener noreferrer nofollow">Bitcoin Price Plummets Toward $59K, $250M Liquidated in a Day</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

Bitcoin Price Plummets Toward $59K, $250M Liquidated in a Day

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