Bitcoin plunges to $81,300 support as Fed hike odds hit 55% amid $100 million crypto wipeout
Bitcoin plunged to the $81,300 support level after hotter-than-expected US core inflation figures revived Federal Reserve rate hike expectations, triggering over $100 million in crypto liquidations.
On Wednesday, Bitcoin dropped under the $83,000 threshold, hitting the $81,300 support level. This decline came after hotter-than-expected US core inflation figures revived expectations for additional interest rate hikes by the Federal Reserve, sparking a sudden wave of liquidations throughout the digital asset market.
According to figures from CoinGlass, more than $100 million in leveraged trading positions were wiped out during the sixty-minute window immediately following the release of the inflation data.
Frequently Asked Questions
- Why did Bitcoin’s price drop? Bitcoin fell following hotter-than-expected US core inflation data, which increased expectations of further Federal Reserve interest rate hikes.
- How much was liquidated in the crypto market? Over $100 million in leveraged positions were liquidated within an hour of the inflation report’s release.
- What support level did Bitcoin reach? Bitcoin plunged to the $81,300 support level.
