- Bitcoin and Ethereum prices plunged early Friday, prompting over $150 million worth of crypto long positions to be liquidated
- Bitcoin dropped from above $63,000 to a low of $60,890, while Ethereum fell from around $3,027 to $2,927
- Over $62 million worth of long positions were liquidated in just one hour during the price drops
Both Bitcoin and Ethereum plunged early Friday, prompting a wave of crypto long positions to be liquidated. This article will discuss the price drops and resulting liquidations in more detail.
Bitcoin’s Price Plunge
Bitcoin dropped by more than $2,000 in an hour, falling from a price above $63,000 to a daily low of $60,890. It has since rebounded slightly to $61,130 as of this writing and is down more than 1% on the day.
Ethereum Also Falls
Meanwhile, Ethereum is down by 2% over the last day, falling from $3,027 to a low of $2,927 alongside Bitcoin’s plunge. It’s up slightly since to $2,940, but still is down lower than it’s been since May 1.
Massive Long Position Liquidations
More than $62 million worth of long positions were liquidated over the last hour alone. Over the last day, the total of long and short liquidations was just over $150 million across all major cryptocurrencies. Long positions are bets that the price of the coin in question will increase, while short positions bet against gains.
Conclusion
The sudden drops for Bitcoin and Ethereum prompted a fresh wave of liquidations, pushing total crypto liquidations above $150 million over the past 24 hours. The reasons behind the plunges are still unclear, but the sell-offs have impacted many top cryptocurrencies.
