Crypto Liquidations Wipe Out $860 Million as Markets React to Inflation Data

In a significant development within the cryptocurrency market, over $860 million in leveraged positions vanished in just 24 hours following the release of U.S. inflation data. This abrupt decline coincided with Ethereum reaching a record high above $123,500 before prices quickly tumbled, impacting Bitcoin and other leading cryptocurrencies as well. The downturn was triggered by unexpected inflationary figures, prompting investors to unwind their bullish positions in anticipation of potential interest rate hikes from the Federal Reserve.