If we do the research, you can get alpha!
Get exclusive reports and key insights on airdrops, NFTs, and more! Subscribe to Alpha Reports now and enjoy the game!
Go to Alpha Report
Bitcoin, Ethereum and other major cryptocurrencies suddenly plummeted in price Friday afternoon, leading to ever-increasing liquidations, including nearly $300 million worth of long positions.
Data from CoinGlass shows that in the past hour alone, approximately $285 million worth of long cryptocurrency positions were liquidated, while $12 million worth of short positions were also liquidated. Zooming in on a daily basis, there was $399 million worth of long positions liquidated and $47 million worth of short positions liquidated in the last 24 hours.
Bitcoin fell from more than $71,000 to less than $69,000 in about 40 minutes, and Ethereum plummeted from $3,800 to less than $3,650. Both coins started to bounce.
Earlier in the day, cryptocurrency markets shrugged off hotter-than-expected jobs data from the U.S. Department of Labor.
“Hard assets are suffering due to the potential impact of Fed rates being ‘higher for a long period of time,’” said Greg Magadini, director of derivatives at Amberdata. decipher, Pointing to Friday’s labor figures.
He added that open interest in Ethereum futures has increased significantly since the approval of the spot Ethereum ETF. If there is no “follow-through” on the Ethereum price to meet bullish buying, the price could fall further as leverage is unwound, Magadini said.
Among cryptocurrencies, Memecoin suffered heavy losses on Friday. Solana-based BONK fell 9% over the past hour to $0.00002745, with its price down 16.7% over the past day. Dogwifhat and Ethereum-based Pepe each fell 13% during the same period.
Meanwhile, major Wall Street stock indices were relatively less turbulent. The S&P 500 index was up 0.07% at midday, while the tech-heavy Nasdaq index was down slightly.
The shock to Bitcoin’s price sent the asset below $70,000, pushing it past the psychological threshold it had overcome earlier this week. In March, the price of Bitcoin hit a new all-time high above $73,700, and it soared to new highs not long after the spot Bitcoin ETF was launched.
While losses were widespread in the cryptocurrency market on Friday afternoon, there were some bright spots. Bitcoin-backed BRC-20 token ORDI is up 1.7% over the past day, while the native token of decentralized storage protocol Filecoin is up about 1% to $6.03.
Editor’s note: This article was updated with additional details after publication.
daily report newsletter
Start your day today with top news stories, original features, podcasts, videos and more.
