Inflation continues to increase on the back of high gas and food prices. The release of the CPI numbers also caused turbulence in the crypto markets.
The United States Bureau of Labor Statistics released the Consumer Price Index for all urban consumers – the metric that’s largely used to gauge inflation in the country. This caused significant turbulence in Bitcoin’s price.
In May, the Consumer Price Index for All Urban Consumers rose 1.0 percent, not seasonally adjusted, and rose 8.6 percent over the last 12 months, not seasonally adjusted.
The increase comes on the back of growing shelter, gasoline, and food prices. The gasoline index increased 4.1 percent, while the food index increased by 1.2 percent in May.
This caused some considerable turbulence in the price of BTC. The cryptocurrency dropped below the coveted $30K level after reaching an hourly high at almost $30,200 (on Binance).
Source: Binance via TradingView
That said, liquidations in the past hour amount to slightly less than $100 million, but the majority of it comes from ETH perpetual.
In fact, the largest single liquidation order took place on BitMEX, and it was an ETH/USD perpetual with a face value of a whopping $26 million.
Georgi Georgiev is CryptoPotato's editor-in-chief and seasoned writer with over four 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. Contact George: LinkedIn
