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Bitcoin fell below $118,000 yesterday, with the total liquidation amount soaring to $1 billion.
Yesterday afternoon, the price of Bitcoin unexpectedly fell from over $124,000 to below $118,000, with a maximum drop of more than $6,000. This sharp fluctuation led to significant losses for many traders, and the total liquidation amount in the cryptocurrency market surged to $1.032 billion in the past 24 hours.
According to data from CoinGlass, nearly 225,000 traders have suffered losses in the past 24 hours. Altcoins also did not escape unscathed, with mainstream altcoins such as ETH, XRP, SOL, DOGE, and ADA experiencing varying degrees of fall yesterday.
Nevertheless, Bitcoin has also seen a slight rebound this morning to above $118,500, but it is still nearly $6,000 away from the new high of $124,500 set earlier yesterday.
Market news indicates that the reason for a certain phenomenon is primarily due to the market's excitement over some positive news from last night, including Putin's statement that the U.S. is actively promoting the Russia-Ukraine peace process, and even hinting at the possibility of reaching a nuclear agreement.
However, the wholesale inflation data released earlier today has had a greater negative impact on the BTC price. According to CNN, this inflation has soared to its highest level in more than 3 years.
In addition, investors need to turn their attention to the results of the meeting between the leaders of the United States and Russia, which will be held in the early hours of Saturday (August 16) Beijing time. This meeting will focus on the Russia-Ukraine conflict and may even lead to a new arms agreement (also known as a nuclear peace agreement), which will also be a key measure to promote the international peace process.
If the meeting achieves positive results, such as reaching a ceasefire agreement, it may reduce the market's demand for safe havens, thereby driving investors' FOMO sentiment. Conversely, if negotiations break down, market uncertainty will increase, and cryptocurrency prices may fluctuate significantly due to safe-haven sentiment.
#BTC # inflation data #US Russia leaders meeting