Bitcoin slips below $80,000 as inflation concerns trigger crypto selloff
Bitcoin fell below $80,000 due to inflation fears, causing leveraged long liquidations and a slide in altcoins.Summary
Bitcoin has fallen below the $80,000 mark, influenced by rising inflation concerns stemming from stronger-than-expected U.S. producer price inflation data. This has triggered a risk-off sentiment in the market, leading to the unwinding of leveraged bullish bets and significant liquidations in crypto derivatives markets, totaling nearly $400 million. Altcoins have experienced sharp declines, with memecoins leading the losses, indicating persistent selling pressure across major tokens. Ethereum's open interest has reached a record high, suggesting increased leverage demand in a range-bound market. Despite subdued implied volatility, the active trading of a $75,000 strike bitcoin put option signals hedging demand against further downside.
(Source：CoinDesk)