Bitcoin Price Drops to $59K, $250 Million Liquidated in a Day

- The crypto market is having a rough time. Bitcoin price has been hovering around $62,000 for a few days, but bears have finally taken the upper hand.

- BTC recently dropped below $59,000, hitting a local low of $58,867. 📉

- The move resulted in the liquidation of over $250 million in leveraged positions, mostly long positions.

- According to CryptoPotato, Bitcoin price reacted negatively to the announcement of a higher-than-expected CPI. The Consumer Price Index is a measure of inflation in the United States. A rise in the index means that the Federal Reserve may not cut interest rates in November, which is not good for risk assets like Bitcoin. 💡

Source: TradingView, CryptoPotato