The cryptocurrency market rebounded on Wednesday evening, recovering from yesterday’s downturn. Bitcoin surged and came close to reaching a fresh 18-month high, surpassing $37,000. This recovery followed a brief drop below $35,000 on Tuesday.
What Happened: October’s U.S. inflation data on Tuesday exceeded expectations, with the headline Consumer Price Index (CPI) remaining unchanged for the month, defying economist forecasts of a 0.1% increase. Additionally, the core rate saw a modest increase of only 0.2%, outperforming predictions for a 0.3% rise.
According to data from Coinglass, crypto shorts worth over $110 million were liquidated as BTC surged past $37,000. Within just 24 hours, $51 million worth of BTC shorts vanished, while ETH shorts worth $16 million were also liquidated.
In this same timeframe, a total of 50,432 traders experienced liquidation, resulting in a combined total of $146.07 million in liquidations.
Top Gainer (24 Hour)
Cryptocurrency
Gains +/-
Price (Recorded 9:30 p.m. EDT)
dYdX
+30.20%
$3.82
Celestia
+26.53%
$6.01
Pancake swap
+19.36%
$2.52
The global crypto market cap currently stands at $1.38 trillion, reflecting a decrease of 1.99% in the past 24 hours.
Stocks continued their upward momentum on Wednesday, fueled by positive inflation data. The S&P 500 showed a modest gain of 0.16%, closing at 4,502.88, while the Nasdaq Composite made a slight move upward of 0.07%, ending at 14,103.84. The Dow Jones Industrial Average also experienced a notable increase, adding 163.51 points, or ...