The prices of top cryptocurrencies including Bitcoin and Ethereum suddenly fell Thursday afternoon, prompting a fresh wave of liquidations of crypto positions—mostly long positions—as the market broadly turned red.
Bitcoin fell by nearly 3% in just over an hour to a current price of $57,787 as of this writing, while Ethereum dipped even more to a current price of $2,547 per data from CoinGecko. Other top coins like Solana and Dogecoin have fallen even harder during the same span.
Liquidations over the past 24 hours have topped $176 million as a result of market volatility, per data from Coinglass, with $98 million worth of that coming within the last four hours. Ethereum is leading the bleeding there, with over $59 million worth of liquidated positions in the last day, followed by Bitcoin with about $50 million.
Bitcoin and Ethereum had been volatile earlier Thursday following the latest consumer price index (CPI) report on Wednesday, though the latest dip doesn’t appear to be tied to macroeconomic factors. After all, stock prices are soaring Thursday, apparently unfazed by any macro factors—but crypto prices are falling.
Editor’s note: This story is breaking and will be updated with additional details.
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Source: https://decrypt.co/244953/bitcoin-ethereum-prices-suddenly-plunge-liquidations-175-million
