After the U.S. CPI was released in October, the crypto market's decline continued into the early morning of November 11, Taipei time, with Bitcoin falling below $73,000 and Ethereum approaching $2,000. CoinGlass data shows that $705 million was liquidated in the past 24 hours, 117,988 people were liquidated, and long orders accounted for approximately 82.4% of the amount. (Preliminary briefing: Inflation is stubborn! The U.S. CPI increased by 0.4% monthly in October, exceeding expectations. Bitcoin dropped below $74,000 and Ethereum dropped to $2,200.) (Background supplement: Bitcoin lost $76,000 late at night and Ethereum dropped to $2,200! The entire network liquidated $880 million in the past 4 hours) The cryptocurrency market continued to fall after the release of the U.S. CPI in October. In the early morning of November 11th, Taipei time, Bitcoin lost US$73,000 and Ethereum approached US$2,000; early morning screenshots of CoinGlass liquidation data showed that the total liquidation in the past 24 hours reached US$705 million, and a total of 117,988 people were forced to liquidate their positions. As of 1:03 a.m. Taipei time on November 11, Bitcoin was trading at $72,836.12 and Ethereum was trading at $2,015.91 on the Coinbase exchange. The two major currencies are still under pressure at a low level, with Ethereum very close to the $2,000 round mark. Overall CPI growth converged, but core prices did not slow down. The U.S. Bureau of Labor Statistics (BLS) announced at 9:30 pm on November 10th, Taipei time, that the seasonally adjusted overall consumer price index (CPI) increased by 0.4% in October, down from 0.6% in September. However, the core consumer price index, which excludes food and energy, rose 0.3% on the month, the same as in August and September. Although the overall increase has shrunk, the increase in core prices has not slowed down at the same time; after the data was released, the crypto market failed to stop the decline, and the selling pressure continued until the early morning of the next day, Taipei time. The liquidation liquidation amounted to US$705 million in 24 hours, with long positions accounting for approximately 82.4%. Long positions were the hardest hit in this wave of liquidation. In the same early morning snapshot of CoinGlass, long orders were liquidated to US$581 million and short orders were US$124 million in the past 24 hours; in total, long orders accounted for approximately 82.4%, and leveraged positions betting on price increases became the main liquidation targets. Shortening the observation range to 4 hours, the liquidation amount reached US$592 million, of which long orders were US$495 million and short orders were US$97.5164 million. The 12-hour window recorded liquidation of US$649 million, with long orders of US$542 million and short orders of US$107 million. In both windows, long orders also experienced greater liquidation pressure. The liquidation in the last hour has not stopped yet: the total liquidation amount is US$77.9864 million, of which long orders are US$73.5446 million and short orders are US$4.4418 million. Even if it is shortened to the hourly level, the positions that have been forced to liquidate are still clearly biased towards the long side. The largest single liquidation fell on HTX, and the Ethereum contract liquidated more than $31.51 million. The largest single liquidation recorded in this snapshot occurred in HTX’s ETH-USDT contract, with an amount of $31.517 million. As the spot price of Ethereum approached $2,000, large contract positions were also forced to liquidate in the derivatives market. For leveraged long orders, falling prices will erode the margin; when the position cannot meet the maintenance margin requirements, the exchange may initiate forced liquidation. The decline triggers the liquidation of long positions, which may in turn increase the selling pressure in the contract market and further amplify short-term fluctuations. Related reports Bitcoin falls below $80,000, Ethereum loses $2,400! The entire network was liquidated to US$723 million in 24 hours, and more than 100,000 people were liquidated. Bitcoin rebounded and exceeded US$79,000, and Ethereum reached US$2,300! The entire network's positions were liquidated to US$526 million in 24 hours, and nearly 98,500 people were liquidated. The US PCE increased by 3.6% year-on-year in September! Core 3.1%, inflation persists and the Fed remains on hold! Maintain interest rates at 3.75%–4.00%, with two votes insisting on raising interest rates by another 1%〈Bitcoin fell below 73,000, and Ethereum approached $2,000! The whole network exploded with 705 million US dollars in 24 hours. This article was first published in Dongqu BlockTempo "Dongqu Dongzhen - the most influential blockchain news media".