Bitcoin
Bitcoin Price Plummets as $245M in Long Cryptocurrencies Settles
BitcoinThe price of is tanking, falling 5% in the last 24 hours and triggering a growing wave of liquidations across the crypto ecosystem, totaling $265 million in the last 24 hours.
At the time of this writing, Bitcoin is stuck at a price of $66,548, down from a 24-hour peak above $70,000. Crypto long positions were most severely affected by price action, with around $245 million worth of long positions liquidated in the last day, according to data from the CoinGlassincluding around $57 million in Bitcoin long positions.
BTC’s drop today is the fastest drop the world’s leading cryptocurrency has seen in over a month. A few days ago, the token came close to its previous record, US$73,737, reached in March.
This move comes ahead of two important and potentially market-moving events scheduled for tomorrow.
On Wednesday, the US Bureau of Labor Statistics will publish its consumer price index for May, revealing the latest update on the US government’s battle against inflation. Later tomorrow, Jerome Powell, chairman of the US Federal Reserve, will hold a press conference announcing updates on US fiscal policy following a two-day Fed meeting.
If these events bring gloomy news about inflation and interest rates, BTC could be at risk of falling further.
Although BTC-related positions resulted in liquidations worth $61.27 million in the last 24 hours, this price action was surpassed by Ethereumthe day’s leader in sales.
In the last day alone, more than $70 million worth of ETH-related positions were liquidated. The overwhelming majority of them – worth almost $66 million – were long positions. ETH is down 6.8% today to $3,437 at the time of writing.
Solana saw around $9.7 million in long positions liquidated since yesterday; During this period, the token sank 8.5%.
PEPE, DOGEand NO – the currency behind the hit Telegram-based game Notcoin– each saw around $4 million in long position liquidations in the last 24 hours.
Editor’s note: This story was updated after publication with additional details.