The crypto market lost nearly $90.3 billion in value in a single hour on May 16, pushing Bitcoin to $77,678 and triggering mass liquidations across the board.
Summary
- PPI inflation data came in 6% above forecast, killing rate-cut expectations and sending risk assets into a sharp sell-off.
- BlackRock’s IBIT shed $136 million as U.S. spot Bitcoin ETFs posted $290 million in outflows, ending a six-week inflow streak.
- Nearly 154,000 traders were liquidated in 24 hours, wiping out roughly $696 million from the derivatives market.
The crypto market shed $90.3 billion in market cap in under an hour on May 16, with total valuation dropping 3.37% to around $2.59 trillion….
