As A Result Of Inflation, Hundreds Of Million Dollars In Bitcoin Is Liquidated In A Day

The hundreds of millions of dollars were liquidated in 24 hours. (Photo; Doc. Unsplash)

JAKARTA The inflation that triggered market increases is considered to have liquidated US$320 million in Bitcoin and altcoins for 24 hours. This was conveyed by the US Bureau of Labor Statistics regarding the new Consumer Price Index (CPI).

The bureau measures price changes paid for goods and services by customers and is then reduced by food and gas, inflation has increased 6.5 percent year-on-year since December 2021-2022.

News of the smallest 12-month increase since the period ending in October 2021 has made the market fly even though US$320 million worth of digital assets liquidated in the past 24 hours, according to market analytics firm Coinclass.

Data from Coinglass reveals that the most widely sold crypto assets are Ethereum (ETH), a leading smart contract platform by market cap. On the last day, US$36.35 million worth of ETH has been liquidated while US$18.3 million has been sold.

At the time of writing, Bitcoin is trading at 18,262 US dollars and ETH is trading at the level of 1,385 US dollars per coin. In addition to the two leading crypto assets, apparently there are other liquidated crypto assets such as Litecoin, Dogecoin, XRP, and Solana. Crypto assets each have liquidation of 2.34 million US dollars, 2.24 million US dollars, 1.69 million US dollars, and 1.36 million dollars.

Coininglass data also describes about 18 percent of the total liquidation sourced from liquidation comes from two leading crypto exchanges, namely Binance and OKX. The market analytics firm revealed that OKX saw liquidation worth 41.7 million US dollars. Then the world's largest crypto exchange based on its trading volume saw the liquidation of nearly 16 million US dollars.