High sell-offs in the crypto market as Bitcoin loses more than 7% for the day

A large portion of the crypto market is experiencing a bright red day as losses in Bitcoin and Ethereum have shocked the evolving financial assets.

From mid-afternoon on Friday to the time of writing, Bitcoin had a steep decline and was recently trading below $21.2K, down more than 7% on the day. As regards market capitalization, the biggest cryptocurrency by market value is down 14% for the week.

The downturn began during overnight trading, which also happened to coincide with unusually high inflation statistics in the biggest economy in Europe.

In July, Germany’s annual producer inflation rates surpassed expectations and reached a record high of 37%.

The cost of goods and services sold by manufacturers in a region is reflected in producer prices. The German PPI data is comparable to the American PPI data. Comparatively, the PPI reading for the US in July was 9.8%.

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The price of the yellow metal, which is typically considered a shelter against inflation, fell by 0.6% as investors hastily switched to the safe haven currency amid risk-off appetite.

Crypto market outlook

  • The global crypto market valuation at the time of writing is $1.02 trillion, a 6% decrease over the last day.
  • Before falling further to below $21,500 on the FTX market, Bitcoin first dropped to $22.8K. This was the asset’s lowest price point in more than three weeks.
  • 112,938 traders were liquidated for the day, totaling $561.35 million in liquidations.
  • The greatest single liquidation order, worth $4.4 million in ETHUSDT, was made on Binance.
  • According to data from CoinMarketCap, ApeCoin, the Ethereum-based cryptocurrency of the Bored Ape Yacht Club ecosystem, has fallen more than 15% in the most recent day and 23% in the past seven days.
  • Since its March launch, APE, which will power the upcoming Otherside metaverse game, has been particularly turbulent.

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