Volatility Wipes Out $79M in Bitcoin Bets Amid CPI Data Anticipation

Bitcoin's price dipped below $78,000 on Tuesday, hitting a daily low of $77,603 before recovering to around $78,600.

The downward momentum was triggered by volatility that led to a staggering $264 million in total crypto liquidations, with long positions accounting for roughly 90% of the wiped-out bets. This equated to over $79 million in bitcoin liquidations alone.

Market analysts expect a range-bound or potentially lower trajectory for Bitcoin and the broader digital asset market as investors await key U.S. economic data releases from the Bureau of Labor Statistics on Thursday and Friday.