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

Bitcoin's price plummeted toward $59K today, wiping off hundreds of millions from the derivatives market.
George Georgiev

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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.

Source: TradingView

The move has resulted in the liquidation of more than $250 million in leveraged positions, the majority of which, of course, is long.

As CryptoPotato 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.

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About the author

George Georgiev
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Georgi Georgiev is CryptoPotato's editor-in-chief and a seasoned writer with over 8 years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping.