Cryptocurrency Market Update: Bitcoin and Ether Edge Up, Binance Trading Volume Falls

Bitcoin's price dipped below $27,000 after a morning jump following the release of mildly encouraging U.S. inflation data. The largest cryptocurrency by market capitalization was recently trading at around $27,400, down more than 4% in the past hour and 1.8% in the past 24 hours. Traders who bet on a price shift liquidated over $47 million in BTC long positions over roughly the past hour versus just over $5 million in BTC short position liquidations. There are still concerns about low liquidity in markets, with BTC's aggregated 2% market depth – a metric for assessing liquidity conditions – hasn't recovered since crypto exchange FTX's collapse last November.