Bitcoin
Bitcoin and Ethereum Tank as Crypto Liquidations Reach $150 Million
The prices of Bitcoin It is Ethereum both plummeted on Friday morning, triggering a new wave of long position liquidations that took total crypto liquidations above $150 million in the last 24 hours, for CurrencyGlass.
Bitcoin fell by more than $2,000 in an hour, falling from a price above $63,000 to a daily low of $60,890, according to CoinGecko. It has since recovered slightly to $61,130 at the time of writing and is down over 1% on the day.
Meanwhile, Ethereum is fell 2% in the last day, falling from $3,027 to a low of $2,927 along with Bitcoin’s decline. It has risen slightly since then, to $2,940, but is still lower than it has been since May 1st.
It is not immediately clear what drove the price drops for major cryptocurrencies. Many other major currencies also lost ground this morning, including Solanawhich fell below the $150 mark after recovering that price on Friday.
More than $62 million in long positions were liquidated in the last hour alone. Over the last day, total long and short liquidations were just over $150 million across all major cryptocurrencies. Long positions are bets that the price of the currency in question will increase, while short positions bet against gains.
Editor’s note: This story was updated after publication with additional details.
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.