Bitcoin Price Plummets Toward $59K, $250M Liquidated in a Day

The cryptocurrency market has seen better days.

Bitcoin’s price hovered at the $62,000 range for a few days, but it appears that the bears were finally able to take full control.

Just a few moments ago, BTC dropped below $59,000, reaching a local low of $58,867.

Source: TradingView

The move has resulted in the liquidation of more than $250 million in leveraged positions, the majority of which, of course, is long.

As CryptoPotato reported earlier today, Bitcoin’s price reacted negatively to the announcement of higher-than-expected CPI numbers. The Consumer Price Index is a gauge for inflation in the United States. An increase essentially means that the Federal Reserve might not cut rates again in November, which is bad news for risk-on assets such as Bitcoin.