The release of higher-than-expected inflation data (CPI and PPI) in the United States for two consecutive days has dashed market hopes for a Federal Reserve (Fed) rate cut this year, and this fear of macroeconomic tightening continues to weigh heavily on the cryptocurrency market.
Following yesterday's brief price spike, the cryptocurrency market experienced another extremely strong sell-off in the early hours of May 14th (Taiwan time). Bitcoin (BTC) failed to withstand the selling pressure, and its price once again fell below the key support level of $79,000 ; Ethereum (ETH) also weakened in tandem, with its intraday low approaching the $2,230 support level.
The disaster has worsened: over 123,000 people have suffered margin calls, and a multi-million dollar magnesium whale has been wiped out.
The sharp sell-off over two consecutive days completely shattered the defenses of bullish investors attempting to buy the dips in the futures market, triggering a more destructive chain reaction of liquidations.
According to the latest statistics from derivatives data analytics platform CoinGlass , liquidation data in the cryptocurrency market has further increased in the past 24 hours compared to yesterday:
- A total of 123,123 investors worldwide were forced to liquidate their positions.
- The total amount of liquidated positions across the entire network surged to $385 million (approximately $385.44 million) .
- Epic single liquidation: A whale whale has fallen! The largest single liquidation occurred on the ETHUSDT trading pair on the Binance exchange, with the value of the liquidation reaching a staggering $11.75 million .
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