In a sharp decline on Thursday, long positions in cryptocurrencies were liquidated as Bitcoin, Ethereum, Dogecoin, and Solana saw significant losses. Over $320 million in long bets were wiped out within an hour, contributing to nearly $713 million in total liquidations across the day. Bitcoin led these liquidations with $317 million, seeing a decline of nearly 3% to below $106,200, despite an earlier increase in its value. Ethereum experienced worse outcomes, falling over 6% to $2,650, following approximately 9% growth over the last week. Other notable losses included Solana and XRP, which suffered declines of 6% and 4%, respectively. This wave of liquidations corresponds with a broader trend in the market, driven by investors reacting to recent Consumer Price Index data, leading to a classic “buy the rumor, sell the news” scenario. As Bitcoin and Ethereum continue to fluctuate, analysts are closely monitoring the market, gauging potential future movements and corrections after a recent spike in values just days prior.

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