Bitcoin Explodes Above $26K, Leaves Over $120 Million Liquidated in an Hour

Bitcoin’s price soared to its highest point in nine months and tapped $26,400 moments ago.

This happens on the back of somewhat positive CPI print, as well as hopes for a slowdown in terms of interest rate increases.

• As CryptoPotato reported earlier, the Consumer Price Index for all Urban Consumers increased by 0.4% and to 6% year-over-year.
• This sent a positive signal across the cryptocurrency market and saw Bitcoin surge above $25K on the announcement.
• It wasn’t an hour after that, though, when the price saw another impulsive leg up and reached almost $26.4K on Binance.

• Data from Coinglass reveals that the move caused a whopping $120 million liquidated in the past hour alone.
• The predominant part of the liquidations came from short positions.