$570M in Longs Liquidated as BTC, ETH, XRP Crash Again

ETH is close to breaking below $2,000, while XRP is knocking on the $1.00 door. The brief rebound following the US CPI release came to an end less than an hour ago, as BTC extended the daily losses, dumping to a fresh multi-month low of well below $73,000. The altcoins have followed suit as they typically do in such dire market conditions, posting major losses of over 5% in the past 24 hours. Naturally, the liquidations are on the rise again. CPI to Blame? Recall that the primary cryptocurrency tanked hard on Monday morning, which only worsened its situation following last Thursday’s big crash when it tanked from over $81,000 to under $76,000. On Monday, though, the bears took it a step further to $73,600, which became a new local low. After rebounding to over $75,000 in intra-day trading, the bulls quickly lost control while all eyes turned to today’s CPI release. Bitcoin remained relatively stable at $74,400 before the reading was announced. However, since the actual MoM increase was higher than expected, BTC dipped almost immediately by nearly a grand. The bulls managed to step up at this point and helped it recover to $74,800. That was another fakeout, though; bitcoin plunged o...