Crypto Market Liquidations Exceed $1 Billion as PPI Report Sparks Downturn
Total crypto liquidations exceeded $1 billion over the past 24 hours, as the crypto market capitalization dropped to $3.98 trillion, down $133 billion in the same time frame.
90% of the top ten cryptocurrencies were in the red. Furthermore, experts point to the July Producer Price Index (PPI) report as the key catalyst behind the downturn.
Crypto Market Sees Over $1 Billion in Liquidations After PPI Report Fallout
BeInCrypto Markets data showed that the market fell by 3.9% over the past day. All top ten coins except Tether (USDT) saw losses.
Bitcoin (BTC) slipped to $119,098 at press time, after hitting a new all-time high of over $123,700 yesterday.
Crypto Market Performance. Source: BeInCrypto Markets
Ethereum (ETH) also dipped to a low…
