#MarketTurbulence
Cryptocurrency liquidations exceed $1 billion after PPI report
The crypto market experiences liquidations of $1 billion as market capitalization falls to $3.98 trillion, decreasing by $133 billion in 24 hours.
90% of the top ten cryptocurrencies fell, with Bitcoin and Ethereum losing 3.59% and 2.4%, respectively, while Dogecoin experienced a decline of 10.3%.
Ethereum leads the liquidations, with $351.8 million wiped out, including $272.47 million in long positions.
Total cryptocurrency liquidations exceeded $1 billion in the last 24 hours, as market capitalization fell to $3.98 trillion, decreasing by $133 billion in the same timeframe.
90% of the top ten cryptocurrencies were in the red. Additionally, experts point to the July Producer Price Index (PPI) report as the key catalyst behind the decline.
The crypto market sees liquidations following the impact of the PPI report
Data from BeInCrypto Markets showed that the market fell by 3.9% in the last day. The top ten coins, except for Tether (USDT), experienced losses.
Bitcoin (BTC) fell to $119,098 at the time of publication, after recently reaching a new all-time high above $124,000.
Ethereum (ETH) also fell to a low of $4,452 before adjusting to a value of $4,643 at the time of publication. Still, it was down 2.4% in the last day.
Additionally, Dogecoin (DOGE) experienced the largest loss among the top ten cryptocurrencies. Its price decreased by 10.3%. This market drop triggered massive liquidations.
