Update
Bitcoin Rebounds Above $74K After CPI Data
Bitcoin rebounded to above $74,600 after dropping to $72,787 following hotter-than-expected U.S. inflation data. The range-bound price action led to low leverage wipeouts, with bitcoin liquidations standing at $51 million out of $199 million market-wide. Derivatives market saw a decline in liquidations, with bitcoin liquidations totaling more than $51 million, comprising $8 million in long positions and $43 million in shorts. The broader cryptocurrency market saw liquidations of $199 million, with short positions accounting for over $131 million worth.