Major cryptocurrencies, including Bitcoin and Ethereum, have fallen sharply as $200 million in long positions were liquidated.
of bitcoin price According to CoinGecko, it is currently worth just under $68,008 per coin. This is a drop of more than 3% in 24 hours and a significant drop from its all-time high of $73,737 in March.
Meanwhile, Ethereum's price took an even bigger hit of 5% in 24 hours. This coin is currently trading at $3,413.
Even worse was the fifth-ranked cryptocurrency, Solana, which plummeted by nearly 7%. And Toncoin, which has been doing well this week, nearly upset Dogecoin in the process. The current price is down more than 7% to $6.65.
Cryptocurrency markets have fallen, and traders who had bet on rising prices of major cryptocurrencies have had their positions liquidated. According to CoinGlass data, in the past hour alone he has had over $200 million in positions liquidated.
In the past day, that amount has reached nearly $359 million.
A long is a derivative contract that allows an investor to bet that the price of an asset will rise. When the long is liquidated, the trader loses the bet and the position is closed.
Edited by Andrew Hayward
The views and opinions expressed by the authors are for informational purposes only and do not constitute financial, investment, or other advice.
