White House Addresses Economic Data Delays
The White House confirmed on Wednesday that important economic indicators like the consumer price index (CPI) and employment figures for October may not be available in the near future. This instability is creating waves in both crypto and traditional markets.
Caroline Leavitt, the White House press secretary, expressed concerns that the Democrats might have irreparably harmed the federal statistical system. She indicated that this jeopardizes the release of key reports for October, including the CPI and jobs report.
Leavitt pointed out that the absence of this vital information leaves Federal Reserve policymakers in the dark during a crucial period, highlighting the challenges stemming from the ongoing government shutdown, which has been in effect for six weeks now.
This announcement has sent shockwaves across risk assets. Bitcoin (BTC) experienced a decline of 1.5%, dropping to $101,748, while XRP fell by 3.2% to $2.35. Ethereum (ETH) also dipped, decreasing by 0.8% to $3,441, pushing its market capitalization below $3.5 trillion.
Market analysts suggest that investors are preparing for a drawn-out phase of uncertainty due to the lack of data regarding inflation and employment, which typically guide monetary policy.
The absence of October’s data raises concerns that the Federal Reserve might misinterpret the economic landscape. This situation has already unsettled investors sensitive to data fluctuations in the cryptocurrency sector.
According to CoinGlass, over $611 million in crypto positions were liquidated within the last 24 hours, as market volatility triggered widespread losses. A total of 158,817 traders were affected, with most losses coming from long positions amounting to about $500 million, and short positions totaling $110 million. The largest liquidation occurred on HyperLiquid, where a $21.29 million POPCAT-USD position was closed.
Overall open interest has fallen to $140.27 billion, a decrease of 2.75%, while 24-hour trading volume has dipped nearly 1% to $293.3 billion, suggesting a decline in market momentum.
In terms of liquidations, Hyperliquid overshadowed other exchanges, reaching $137.4 million (99.5% of long positions), followed by Bybit at $80.8 million and Binance at $76.9 million.
