The cryptocurrency market is booming.
Bitcoin prices have been hovering in the $62,000 range for several days, but it appears that the bears have finally taken full control.
Just a short while ago, BTC fell below $59,000 and hit a local low of $58,867.
Source: TradingView
This move resulted in the liquidation of over $250 million in leveraged positions, the majority of which were, of course, long.
As reported by CryptoPotato earlier today, Bitcoin prices reacted negatively to the announcement of higher-than-expected CPI numbers. The Consumer Price Index is a measure of inflation in the United States. The rate hike essentially means the Federal Reserve may not cut rates again in November, which is bad news for risk-on assets like Bitcoin.
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