Crypto News: Market bloodbath leads to $432M in liquidation

The current market downturn is being attributed to a number of macroeconomic factors, such as higher-than-expected CPI data and a possible biggest Fed rate hike in 40 years.

The crypto market turmoil entered the third week of September as most of the cryptocurrencies started the week on a bearish note

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The total crypto market cap dipped below $1 trillion again, with several cryptocurrencies recording a double-digit downfall over the past 24 hours.

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The ongoing bearish turmoil has led to nearly half a billion in liquidations for the leverage crypto traders over the past 24 hours

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Long traders made a significant chunk of losses on majority of the exchanges with the average difference between the amount of long and short liquidations being 10X.

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The higher CPI data is expected to be followed by a Fed rate hike in the upcoming meeting scheduled for Sept. 21.

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Market pundits have predicted that the rate hike could be the biggest in 40 years as a measure to control the soaring inflation.

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