news.bitcoin.com
On Jan. 15, bitcoin ascended to an intraday peak of $99,442 on Wednesday morning, following the release of the latest U.S. inflation data, which revealed a slowdown in core inflation.
Easing Core Inflation, Explosive Bitcoin Rally: $224M Liquidated in 24 Hours
At 9 a.m. Eastern Time, bitcoin was trading at $98,805 per coin, having momentarily crossed the $99,000 threshold. By 9:05 a.m., the price spiked to the $99,400 range. The upward movement coincided with the U.S. Bureau of Labor Statistics publishing its Consumer Price Index (CPI) report. The data indicated a 0.4% monthly increase in the CPI, placing the year-over-year inflation rate at 2.9%.
Meanwhile, the core CPI—which excludes the volatile categories of food and energy—reflected an annual rate of 3.2%, which was a hair lower than the prior month and marginally below the expected 3.3%. The crypto market responded swiftly to the report, propelling the overall cryptocurrency valuation up by nearly 3%, bringing it to $3.44 trillion. Among the top ten cryptocurrencies, XRP emerged as the standout performer, recording a 12% increase over the last 24 hours.
This rapid ascent triggered $58.85 million in liquidations within crypto derivatives markets, with $53.70 million attributed to short positions. Across the past 24 hours, total liquidations amounted to $224.75 million, of which $132.01 million stemmed from shorts. According to data from coinglass.com, approximately 84,891 traders were liquidated during this period.
Bitcoin’s rise to the $99,000 threshold, paired with the crypto market’s immediate response to economic data, reflects the sector’s acute responsiveness to broader macroeconomic forces. As inflation shows signs of easing and traders adjust their tactics, the inherent volatility of the market takes center stage. These developments reveal a complex relationship between conventional economic measures and the shifting dynamics of digital asset valuations.