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Crypto Market Loses $90 Billion in an Hour as U.S. PPI Reaches 6%

According to Coinglass, PANews, OKX market data, and CryptoQuant, Bitcoin fell from below $79,000 to $76,901, while one report said more than $600 million was liquidated in a single hour as leveraged longs were wiped out.

BTC

Fact Check
The claim is confirmed with high confidence by multiple independent, contemporaneous sources. The Odaily newsflash and the second PANews article both cite OKX market data and report the exact price of $77,996.10 (or 77,996.1 USDT) on May 16, 2026 — a precise match to the claim. The first PANews article documents the earlier leg of the decline (from below $79,000), consistent with the claim's narrative of 'extended decline from below $79,000 to under $78,000'. CoinDesk, a leading independent crypto news outlet, further corroborates that Bitcoin slid to approximately $78,000 on May 16, 2026, with a comparable percentage decline (~3.2% vs. 3.17% cited by Odaily). All sources are internally consistent and mutually reinforcing. No conflicting evidence was found.
Summary

Bitcoin’s selloff deepened from below $79,000 to under $78,000, then around $77,000, and later to $76,901, according to PANews, OKX market data, and Coinglass. The broader crypto market reportedly lost $90 billion in an hour as U.S. PPI reached 6%, while liquidation figures varied across reports: $526 million tied to the drop toward $77,000, more than $600 million in one-hour liquidations as leveraged longs were wiped out with Bitcoin at $76,901, and earlier 24-hour totals cited at about $368 million and about $580 million. The topic also includes roughly 13,000 BTC in weekly net withdrawals from U.S. spot Bitcoin ETFs, including more than 4,000 BTC from Ark-linked products, alongside CryptoQuant data showing long-term holder supply rising to about 15.26 million BTC after about 316,000 BTC was added over 30 days. The article further notes that around 800,000 BTC that left Coinbase last year will cross the six-month threshold on May 23, while traders watched Michael Saylor’s latest post for signs of another Strategy Bitcoin purchase; Strategy was reported as holding 818,869 BTC worth just under $67 billion at the cited price.

Terms & Concepts
  • Liquidation: The forced closure of a leveraged trading position when losses push collateral below the required margin level on a trading platform.
  • ETF: An exchange-traded fund, a market-listed investment product that tracks an asset or basket of assets such as Bitcoin.
  • Long-term holders (LTHs): Bitcoin wallets or investors that have held coins for an extended period, often used as an indicator of steadier, less reactive market participants.