In the wake of new inflation data, the crypto market experienced $164.52M in liquidations over the past 12 hours, with $119.88M in long positions and $44.64M in short positions being flushed out. Bitcoin accounted for $48.31M of the total liquidations.
Bitcoin leverage (Source: Coinglass)
The US Market Open again seemed to be a bigger catalyst than inflation data as the open saw another leverage sweep, aligning with yesterday’s analysis of crypto leverage. Bitcoin rose by 1 % to create a new all-time high of $72,940, followed by a decline to $70,900 before returning to around $71,880 as of press time.
The US annual inflation rate unexpectedly increased to 3.2% in February, surpassing forecasts of 3.1% and rising from January’s 3.1%, per the US Bureau of Labor Statistics. The monthly inflation rate also rose to 0.4% from 0.3%, with shelter and gasoline prices contributing over 60% of the increase.
Despite the higher-than-expected inflation figures, core inflation eased slightly t
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