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Top cryptocurrencies—including Bitcoin and Ethereum—are down bad as $200 million in long positions have been liquidated.
The price of Bitcoin now stands at just under $68,008 per coin, according to CoinGecko. That’s a drop of over 3% in 24 hours—and a fair drop from its March all-time high price of $73,737.
Meanwhile, Ethereum‘s price has taken a bigger 24-hour hit of 5%; the coin is now trading hands for $3,413.
Faring worse are Solana, the fifth biggest cryptocurrency, which has nosedived by nearly 7%; and Toncoin, which had been on a roll this week—and nearly flipped Dogecoin in the process. It’s now priced at $6.65, having dropped by over 7%.
The crypto market has dipped, and traders betting on the price of major cryptocurrencies going up in price have had their positions liquidated. CoinGlass data shows that in the past hour alone, over $200 million in positions have been liquidated.
Over the past day, that number stands at close to $359 million.
Longs are derivative contracts that allows investors to bet that the price of an asset is going up. If a long is liquidated, then the trader has lost the bet and their position is closed.
Edited by Andrew Hayward
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
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Source: https://decrypt.co/226103/bitcoin-ethereum-solana-sink-200-million-longs-liquidated
