Crypto Market Suffers $385M Liquidation Wave Following PPI Surprises

The cryptocurrency market experienced a significant liquidation event of $385.66 million in the past 24 hours, triggered by unexpected inflation data released for US Producer Price Index (PPI). This wave of liquidations heavily impacted major exchanges like MEXC, Binance, and Coinbase, leading to substantial price drops for Bitcoin (BTC) and Ethereum (ETH). While market volatility was fueled by leveraged positions being closed in response to the price drop, further insights into specific drivers and potential impact are yet to be fully analyzed. }