Bitcoin Price Falls Towards $59,000, $250 Million Liquidated In One Day

The cryptocurrency market has seen better days.

Bitcoin price hovered in the $62,000 range for a few days, but it looks like the bears were finally able to take full control.

Just moments ago, BTC dropped below $59,000, hitting a local low of $58,867.

Source: TradingView

The move has resulted in the liquidation of more than $250 million in leveraged positions, most of which, of course, are long.

As reported by CryptoPotato today, Bitcoin price reacted negatively to the announcement of higher than expected CPI numbers. The consumer price index is an indicator of inflation in the United States. A rise essentially means the Federal Reserve may not cut rates again in November, which is bad news for risk assets like Bitcoin.

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