- Bitcoin, Ethereum, Solana, and other major cryptocurrencies are down significantly as traders’ long positions are being liquidated.
- Over $200 million in long positions have been liquidated in the past hour, and close to $359 million over the past day.
- Bitcoin is trading at just under $68,008 per coin, a drop of over 3% in 24 hours, while Ethereum has dropped by 5% and Solana by nearly 7%.
Major cryptocurrencies like Bitcoin, Ethereum, and Solana have seen significant price drops over the last 24 hours as traders’ long positions were liquidated. Over $200 million in long positions were closed, indicating that many traders had bet incorrectly on further price increases.
Bitcoin Price Falls Over 3%
The price of Bitcoin has fallen to just under $68,008 per coin, representing a drop of over 3% in 24 hours according to CoinGecko. This is down substantially from Bitcoin’s all-time high price of $73,737 reached last month.
Ethereum Price Drops Over 5%
Ethereum, the second-largest cryptocurrency by market capitalization, has experienced an even larger 24-hour price decline of 5%. Ethereum is now trading around $3,413 per coin.
Solana Price Plummets Nearly 7%
Among the top cryptocurrencies, Solana has been hit the hardest over the past day. The fifth-biggest crypto asset has plunged by close to 7% and is now priced at $175. Solana’s losses over the past week total around 6%.
Long Position Liquidations Exceed $200 Million
According to data from CoinGlass, over $200 million worth of long positions were liquidated in just the past hour. In the last 24 hours, approximately $359 million in long positions have been closed out.
Longs Allow Traders to Bet on Price Rises
Long positions are derivative contracts that enable traders to bet on an asset’s price increasing over time. When a long position is liquidated, the trader has essentially lost the bet and their position is forced to close. The mass liquidations seen lately indicate many incorrect predictions of further upside.
The recent market decline has been marked by a massive liquidation of long positions in major cryptocurrencies like Bitcoin, Ethereum, and Solana. With over $200 million worth of longs liquidated in just the past hour, many traders have seen their bets on further gains erased. This long liquidation spree signals broad market weakness in the near term.
