Major cryptocurrencies inched lower on Tuesday on higher-than-expected wholesale inflation data for last month.
| Cryptocurrency | Gains +/- | Price (Recorded 8:30 p.m. EDT) |
| Bitcoin | -2.10% | $61,719.45 |
| Ethereum | -2.11% | $2,890.58 |
| Dogecoin | -1.67% | $0.1467 |
What Happened: World’s largest cryptocurrency, Bitcoin slipped below $62,000, failing to sustain its gains from the previous trading day.
The market dip triggered $144 million in liquidations in the last 24 hours, with long liquidations touching $114 million. Bitcoin led the pack with $39.5 million in liquidations.
The price drop influenced the derivatives market’s sentiment as traders taking short positions on Bitcoin sharply increased vis à vis those gunning for price increases in the last 24 hours.
The negative sentiment permeated as the U.S. Bureau of Labor Statistics reported a 0.5% increase in wholesale prices in April, higher than analysts’ estimates, lowering expectations of an interest rate…
