The wave of liquidations hit traders

According to Coinglass, positions worth $1.02 billion were liquidated in 24 hours, affecting 221,364 traders. Most of the losses were from long positions: $872.37 million were liquidated. Short positions were liquidated for $145.49 million. This shows that the market moved against those who expected price increases.

The most liquidations occurred in the Ethereum market — $351.8 million. Of this, $272.47 million was from long positions, and $79.36 million was from short positions. According to well-known crypto expert Michaël van de Poppe, the cause of the sharp decline was the PPI data.

"There is always some 'news' that triggers market declines. This 'news' was the PPI report. It's just liquidation after liquidation of long positions in altcoins, which is why the correction is vital and cool," he wrote.

The Bureau of Labor Statistics published the July report on the Producer Price Index on August 14. The PPI index jumped by 0.9%, exceeding economists' expectations of a 0.2% increase. Year-on-year, the PPI index rose by 3.3%.$ETH $PROVE $WCT