The United States Bureau of Labor Statistics released the Consumer Price Index for all urban consumers – the metric that’s largely used to gauge inflation in the country. This caused significant turbulence in Bitcoin’s price.
The Consumer Price Index for All Urban Consumers increased 1.0 percent in May, but it was not seasonally adjusted. It also rose 8.6 percent over 12 months, not seasonal adjusted.
The rise is due to the rising prices of food, gasoline and shelter. The gasoline index rose by 4.1% in May, while the food and beverage index rose by 1.21%.
BTC’s price fluctuated a lot as a result. After an hourly high of nearly $30,200 (on Binance), the cryptocurrency fell below $30K.
ETH perpetual is the source of the bulk of liquidations.
BitMEX was the site where the largest single liquidation order occurred. It was an ETH/USD perpetual, with a face worth of $26million.