The price of Bitcoin went on a massive rollercoaster ride in the past few minutes as the numbers for February’s Consumer Price Index got released.
- The market continues to be as tumultuous as ever. After skyrocketing from $39K to $42K and then plummeting back to $39K in less than 40 hours, BTC continues with its wild ride.
- The reason for the latest volatility is the monthly release of the Consumer Price Index numbers in the US.
- Every month on the 10th at 8:30 Eastern Time, the US Bureau of Labor Statistics releases the numbers for the CPI for the previous month.
- The CPI is a “measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.”
- This has also become a very popular way to somewhat gauge inflation to a certain extent.
- For February, the number came at 7.9%, representing a 0.5% increase from January and up 6.4% over the last year. These are the highest numbers in decades.
- Bitcoin’s price didn’t fail to react. It first skyrocketed to $40.3K in minutes and dropped to $38,500 just as quickly. At the time of this writing, the price sits at $39K.
- Data from Coinglass revealed that the volatility resulted in over $44 million worth of liquidated positions in the past hour alone.