Wondering how the US CPI announcement affects the crypto market? 📈🔍 Bitcoin went on a wild ride after the world's largest economy showed higher-than-expected inflation, leaving liquidations of almost $300 million. 😱

The Consumer Price Index for March 2024 increased by 3.5% compared to the same month of the previous year. This actually means a higher number than in February.

It has led to speculation about what the US Federal Reserve will do to combat inflation. This meant more volatility for BTC and the entire crypto market.

Bitcoin's price was already declining on a daily scale, falling as low as $69,000. However, it dropped to $67,500 within minutes of the announcement.

The bulls soon returned and pushed BTC north by nearly a thousand dollars. Most altcoins followed with similar price movements.

This volatility has hurt overleveraged traders, and the total value of sunken positions on a daily basis is approaching nearly $300 million, according to CoinGlass.

What do you think will be the next step for the USA in its fight against inflation? We are waiting your comments! 💬👇