Crypto Longs Get Rekt as Bitcoin, Ethereum and Dogecoin Dive
Crypto prices are falling fast Thursday afternoon, forcing the liquidation of many an optimistic bet on future prices—with over $320 million worth of long bets getting wiped out in the last hour alone.
That's according to data from CoinGlass, which shows nearly $328 million worth of total liquidations over the last hour, nearly all longs, along with $713 million worth of crypto positions liquidated over the last day. During that span, $650 million worth of the liquidations were long positions, or bets that the price of a specific asset will increase.
Bitcoin leads the daily liquidations, as usual, at $317 million worth, including $306 million worth of longs. BTC has fallen by nearly 3% over the last day to a current price below $106,200. It remains up by about 5% over the last week, but has continued falling since topping out above $110,000 on Tuesday.
At its current price, Bitcoin remains about 5% down from its all-time high mark of $111,814 set in May, per data from CoinGecko. According to CoinGlass, a single $201 million long position on Binance was liquidated as part of Thursday's carnage.
Ethereum is the next-hardest hit by daily liquidations at $151 million, but the price of the asset has fallen much harder than Bitcoin on the day. ETH is down more than 6% on the day to $2,650, per CoinGecko, though an earlier-week spike leaves it up 9% over the past seven days.
Solana, XRP, and Dogecoin make up the next three largest piles of liquidations on the day, and indeed, all three assets are in the red. Solana is down more than 6% over the past 24 hours to $152.80, XRP has dipped over 4% to $2.20, and top meme coin Dogecoin has fallen 7% to $0.181. DOGE is the biggest loser in the top 10 coins during that stretch.
Bitcoin and Ethereum had both fallen following Wednesday's CPI report, suggesting profit-taking as investors sold the news of inflation slowing in May. Meanwhile, altcoins like Dogecoin and Solana were already falling earlier Thursday, though losses have accelerated across the board in recent hours.
Broadly, the crypto market is down about 5% over the last 24 hours, according to CoinGecko.
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