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As Bitcoin and Ethereum prices plummeted on Friday morning, liquidation of long positions began again, bringing total cryptocurrency liquidation volume over the past 24 hours to over $150 million (according to CoinGlass).
Bitcoin fell more than $2,000 in an hour, falling from more than $63,000 to a daily low of $60,890, according to CoinGecko. It has since rebounded slightly to $61,130 as of this writing, down more than 1% on the day.
Meanwhile, Ethereum fell 2% in the past day along with Bitcoin’s plunge, falling from $3,027 to a low of $2,927. It has since risen slightly to $2,940, but is still lower than after May 1.
It was not immediately clear what triggered the decline in the price of the major cryptocurrency. Many other top coins saw similar declines this morning, including Solana. Solana fell below the $150 mark after regaining its price early Friday.
In the last hour alone, $62 million worth of long positions were liquidated. In the past day, total short and long liquidation across all major cryptocurrencies was just over $150 million. A long position is a bet that the price of the coin will rise, while a short position is a bet on profits.
Editor’s note: This article was updated with additional details after publication.
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