Bitcoin's price fell by 3% over the last 24 hours, reaching a three-week low following U.S. inflation data. However, Bitcoin began to recover.
Bitcoin's Price Drop and Recovery
Bitcoin's price dropped to $58,900 but later recovered by 2.84% to $60,602. This decline influenced investor sentiment amid concerns about the Federal Reserve pausing interest rate cuts.
Market Liquidations and Losses
The price decline triggered liquidations worth $196 million, affecting nearly 57,000 traders. Long positions in Bitcoin accounted for $67.18 million of those liquidations, while Ethereum traders lost $40.70 million. [Source: Coinglass](https://www.coinglass.com/LiquidationData)
Market Reaction and Uncertainty Factors
The Bitcoin sell-off reflects investor fears of economic slowdown. September’s CPI rose by 0.2%, raising concerns about stagflation, where prices rise despite a stagnant economy. Jobless claims hit a 14-month high. Additionally, the SEC's lawsuit against Cumberland DRW added to market uncertainty. Metaplanet Inc. increased its Bitcoin holdings by purchasing nearly 109 BTC.
The Bitcoin market remains under high uncertainty amid economic and regulatory conditions. Investors proceed cautiously, assessing potential risks.