SOL - Bitcoin Ethereum Dogecoin Trade Mixed After Hotter Inflation Data: Analyst Predicts King Crypto To Reach $500K As Spot ETF 'Inflow Will Only Increase Over The Coming Years' | Benzinga
Major cryptocurrencies on Thursday experienced mixed trading, with data from macro and on-chain whale movement casting uncertainty over the outlook for the leading cryptocurrency and the broader market.
What Happened: Data released by the Labor Department’s Bureau of Labor Statistics on Thursday revealed a 0.6% increase in the producer price index last month.
This crucial inflation indicator revealed that prices surged beyond expectations in February. Traders have interpreted this data as a potential indication that the Federal Reserve might refrain from cutting interest rates in May. As a result, there was a significant sell-off of cryptocurrency in response to this development.
Grayscale reportedly shifted around $400 million in Bitcoin to its custodian, Coinbase, as per Arkham Intelligence data today. In January, the fund manager offloaded a significant amount of BTC, moving $2.2 billion in a matter of days to the exchange, causing downward pressure on the price.
In the past 24 hours, CoinGlass data reveals that over 161,570 traders liquidated their positions worth $547.19 million. The largest single liquidation order, valued at $13.30 million, took place on OKX – BTC-USDT-SWAP. ...