Major cryptocurrencies inched lower on Tuesday on higher-than-expected wholesale inflation data for last month.
What Happened: World's largest cryptocurrency, Bitcoin slipped below $62,000, failing to sustain its gains from the previous trading day.
The market dip triggered $144 million in liquidations in the last 24 hours, with long liquidations touching $114 million. Bitcoin led the pack with $39.5 million in liquidations.
The price drop influenced the derivatives market's sentiment as traders taking short positions on Bitcoin sharply increased vis à vis those gunning for price increases in the last 24 hours.
The negative sentiment permeated as the U.S. Bureau of Labor Statistics reported a 0.5% increase in wholesale prices in April, higher than analysts' estimates, lowering expectations of an interest rate cut by the Federal Reserve
Top Gainer (24 Hour)
Cryptocurrency
Gains +/-
Price (Recorded 8:30 p.m. EDT)
Ethena (ENA)
+4.10%
$0.8947
Lido DAO (LDO)
+3.11%
$1.97
UNUS SED LEO (LEO)
+2.61%
$5.93
The global cryptocurrency market cap stands ...