ETHEREUM WAS AT THE EPICENTER OF THE DROP.
ETH fell more than 4%, compared with BTC's 2%. In one hour, $487 MILLION in leveraged positions were liquidated, 95% of them longs.
The market was overloaded with bullish ETH positions. The initial sell-offs triggered cascading liquidations and accelerated the drop.
INFLATION ADDED PRESSURE
U.S. CPI rose to 3.7%, higher than expected. This reduces expectations of rate cuts and puts pressure on risk assets.
$ETH
ETH fell more than 4%, compared with BTC's 2%. In one hour, $487 MILLION in leveraged positions were liquidated, 95% of them longs.
The market was overloaded with bullish ETH positions. The initial sell-offs triggered cascading liquidations and accelerated the drop.
INFLATION ADDED PRESSURE
U.S. CPI rose to 3.7%, higher than expected. This reduces expectations of rate cuts and puts pressure on risk assets.
$ETH