The global digital asset market witnessed a massive decline on Wednesday as Bitcoin (BTC) price dropped below the crucial $36k price level. This comes in when UK inflation for October unexpectedly slumped to 4.2%. The UK CPI data came out to be very much below the Bank of England’s 4.8% forecast. However, this positive signal wasn’t enough for the crypto market to surge.
UK CPI data signals relief
According to data, Core inflation, excluding energy and food prices, dropped to 5.7% from 6.1%. However, service sector inflation dropped to 6.6% from the BoE’s anticipation of 6.9%. The expected decline will eventually ease some crucial concerns about persistent inflationary pressures and might motivate the Bank of England to reconsider its monetary policy stance.
Asian markets followed Wall Street’s upward trend as Hong Kong surged by almost 4%. While Tokyo, Seoul, and Bangkok gained over 2%. Tech giants contributed to the boost as the Nasdaq jumped up by over 2%, and the S&P rose by 1.9%, at the press time.
The US Consumer Price Index (CPI) data rose by less than expected signaling a cooling down inflation. On the other hand, the S&P 500 and Nasdaq posted reportedly their biggest daily percentage gain since April 27.
Crypto market remains bearish
According to the Coinglass data, more than 76k traders were liquidated over the past 24 hours. The total liquidation of $306 million was recorded by the tracker as the crypto market printed red indexes. The single largest liquidation order of BTC-USDT-Swap of worth $9.45 million took place on the crypto exchange OKX.
The cumulative crypto market cap registered a decline of more than 2% in the last 24 hours. It now stands at $1.37 billion. However, its 24 hour trading volume is up by 4.3% to stand around $64.69 billion.
Bitcoin, the largest cryptocurrency recently regained the crucial $37 price level after registering a surge of 116% on the year to date (YTD) basis. However, BTC price dropped by over 2.4% in the last 24 hours. It is trading at an average price of $35,819, at the press time.