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Major cryptocurrencies, including Bitcoin and Ethereum, are falling after $200 million in long positions were liquidated.
that much bitcoin price According to CoinGecko, it is currently worth less than $68,008 per coin. This is a drop of more than 3% in 24 hours and a significant drop from the all-time high of $73,737 in March.
Meanwhile, the price of Ethereum took a bigger hit of 5% in 24 hours. The coin is currently trading at $3,413.
Worse was the fifth-largest cryptocurrency, Solana, which plunged nearly 7%. And Toncoin, which performed well this week, almost upset Dogecoin in the process. The current price is $6.65, down more than 7%.
Cryptocurrency markets fell, and traders who had bet on rising prices of major cryptocurrencies liquidated their positions. According to CoinGlass data, more than $200 million in positions were liquidated in the past hour alone.
Over the past day, that figure has reached $359 million.
Longs are derivative contracts that allow investors to bet on the price of an asset rising. If the long is liquidated, the trader loses his bet and the position is closed.
Editor: Andrew Hayward
disclaimer
The views and opinions expressed by the author are for information purposes only and do not constitute financial, investment or other advice.
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