Over 260 Million USD Liquidated as Crypto Market Corrects
Bitcoin and leading altcoins have recently experienced a significant correction following days of reaching new highs in 2023.
On the evening of November 14th and morning of November 15th, Bitcoin (BTC) dropped from around 36,700 USD to 34,800 USD, accompanied by a surge in selling volume.
Previously, the world's largest cryptocurrency had been on a strong recovery and growth streak since late October, driven by prospects of Bitcoin ETFs from major Wall Street financial firms. BTC even set a new 2023 high on November 9th at 37,972 USD - the highest level since May 2022, before the LUNA-UST crash occurred.
U.S. CPI: +3.2% YEAR-OVER-YEAR (EST. +3.3%)
— Tree News (@News_Of_Alpha) November 14, 2023
U.S. CORE CPI: +4% YEAR-OVER-YEAR (EST. +4.1%)
No specific news triggered this downward price movement in Bitcoin. The most likely related information was the U.S. Consumer Price Index (CPI) released on the evening of November 14th for October 2023, which indicated relatively stable inflation around 3%.
JUST IN: $739 billion was added to the US stock market today. pic.twitter.com/4j6eoWnvOi
— Watcher.Guru (@WatcherGuru) November 14, 2023
In contrast, the U.S. stock market saw robust growth on November 14th.
Other major altcoins were also affected by Bitcoin's decline. Ethereum (ETH) fell back to 1,936 USD after reaching a new 2023 high of 2,136 USD on November 10th, buoyed by BlackRock's proposal for a spot ETF.
Solana (SOL), a top-performing coin with growth of up to 190% in the past 30 days, maintained stability around 57 USD.
According to Coinglass data, over the past 12 hours, more than 260 million USD worth of derivative liquidation orders were processed, with BTC and ETH dominating the majority. Among these, long positions accounted for 89.62%.
Overall, the market adjustment reflects broader trends in both cryptocurrency and traditional financial markets, influenced by various economic indicators and investor sentiment.
