Massive Bitcoin Volatility as US Inflation for February Clocks at 7.9%

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.