More than $110 million was liquidated across crypto exchanges in the hour following the CPI print.
Cryptocurrency exchange FTX experienced a period of downtime during the August Consumer Price Index (CPI) print, prompting a flurry of frustration from traders.
FTX CEO Sam Bankman-Fried confirmed that the exchange faced issues, stating that the "website did wonky auto-refreshing for a lot of people."
The price of bitcoin slumped from $22,700 to $21,400 after the CPI print as inflation rose by 8.3% in August from a year earlier, exceeding expectations of 8.1%.
The volatility caused more than $110 million in liquidations in a one-hour period across crypto derivatives exchanges, according to CoinGlass.
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