As Bitcoin fell below $43,000, $330 million long the cryptocurrency was liquidated.

that much bitcoin price It fell below $43,000 in the early hours of Monday morning, erasing all of last week’s gains and causing nearly $390 million in liquidations in the cryptocurrency futures market over the past 24 hours.

At the time of publication, bitcoin It is trading at around $42,400, down 3% in the last 24 hours, according to data from CoinGecko. Last day it fell to $41,800.

Of the approximately $402 million in cryptocurrency positions liquidated over the past day, just over $345 million were long positions, with over $260 million in the past hour, according to data from CoinGlass. Over 109,000 traders were liquidated in the last 24 hours.

Of the total liquidations in the last 24 hours, over $103 million was spent on Bitcoin liquidations, $89 million of which were long positions.

Bitcoin’s overnight plunge derailed last week’s cryptocurrency market rally, with the global cryptocurrency market capitalization of all cryptocurrencies falling 3.1% to $1.65 trillion over the past 24 hours.

Bitcoin’s plunge limited last week’s gains to just 1.8%, but the cryptocurrency is still up 14% over the past month, 13% over the past two weeks, and a whopping 146% over the past year.

This upward trend has been fueled by optimism about the potential approval of a spot Bitcoin ETF by the U.S. Securities and Exchange Commission, which has held several meetings with applicants in recent weeks.

There are also growing expectations in the broader market that the Federal Reserve will cut interest rates in 2024. Goldman Sachs on Monday morning revised its forecast to two cuts in 2024, with the first expected in the third quarter.