• Bitcoin price plunged to around $65,240, its lowest level in nearly a month
• Over $150 million worth of crypto long positions were liquidated in the past day, including $157 million in Bitcoin longs
• The surge in liquidations included over $105 million worth in the last hour alone, with $103 million of that from long positions
The price of Bitcoin fell Friday to its lowest price in nearly month prompting a flurry of crypto long position liquidations that topped more than 100 million in an hour and over 150 million over the past day.
Bitcoin Price Falls
The price of Bitcoin currently sits at $65,240 per data from CoinGecko, down over 2% on the day and about 8% over the past week. Bitcoin last fell this low on May 16, nearly a month ago.
Liquidations Spike
Liquidations are spiking as a result, with over $105 million worth over the last hour per data from CoinGlass, including $103 million worth of long positions. That recent surge has pushed the 24-hour total of liquidations to $180 million, including about $157 million in longs.
Conclusion
Bitcoin’s price has plunged to a one-month low, prompting over $150 million in liquidations of crypto long positions in the past day. The price crash seems to indicate a reversal of Bitcoin’s recent gains. More analysis will be required to determine the cause and impact of this sudden downturn.
