Summary: Over the past day, the crypto market has witnessed significant liquidations, with nearly $140 million wiped out. The market volatility follows the latest U.S. inflation data, impacting Bitcoin and Ethereum the most.

Rising Liquidations Amidst Market Shakes

In a staggering display of market volatility, the cryptocurrency market saw liquidations close in on the $140 million mark between February 13th and 14th, 2024. Analytics platform CoinGlass sheds light on the distressing figures, highlighting that 45,965 traders faced the brunt of these liquidations.

Longs vs. Shorts: A Tale of Liquidation

The divide between long and short positions is evident, with long positions accounting for the lion’s share of losses at $91 million. Short positions, while less affected, still saw significant liquidations totaling nearly $49 million.

Bitcoin and Ethereum at the Eye of the Storm

Cryptocurrencies Bitcoin (BTC) and Ethereum (ETH) found themselves at the forefront of these liquidations. BTC took a hit with $42.06 million, while ETH followed closely at $35.55 million in liquidated trades.

Binance Bears the Brunt

The Binance exchange experienced the most considerable single liquidation event, with a whopping $4.69 million loss. Furthermore, Binance led the pack with the highest volume of liquidated trading positions, approaching $70 million.

Inflation Data Triggers Price Fluctuations

The recent release of inflation data from the U.S. Department of Labor has sent ripples through the market. The reported consumer price index (CPI) of 3.1% in January 2024 surpassed analysts’ predictions of 2.9%, triggering a downward trend in Bitcoin’s price to $48,400. At the time of writing, Bitcoin has seen a slight recovery, trading around $49,640, albeit with a 13% decrease in trading volumes, now at $33.9 billion.

Top 10 Cryptocurrencies: A Sea of Red

It’s not just Bitcoin and Ethereum feeling the heat. The top 10 most capitalized cryptocurrencies, excluding stablecoins, have all experienced negative movements over the past 24 hours.