As the market fell overnight, over $209 million worth of cryptocurrency long positions were liquidated, sending the price of Bitcoin falling below $64,000 on Thursday morning.
Currently, Bitcoin is trading at approximately $63,700, reflecting a 4% daily decline, according to data from CoinGecko.
The total market capitalization of all cryptocurrencies fell 4.7% overnight as Bitcoin’s price fell along with it. Ethereum, the cryptocurrency with the second-largest market cap, has followed Bitcoin’s lead and fallen 5.3% in the last day, hovering around $3,090.
Toncoin (TON) has taken the largest tumble of the top ten cryptocurrencies, falling 10.1% in the last 24 hours to $5.21.
According to data from CoinGlass, more than $52 million worth of Bitcoin longs were liquidated during the market slump, out of a total of over $209 million in crypto longs. If a trader liquidates a long, they have lost the bet and their position is closed; longs are derivative contracts that allow investors to wager that the price of an asset will go up.
A 71-day streak in which BlackRock’s spot Bitcoin ETF was among the top 10 for the lengthiest ETF daily inflow streaks since 2004 came to an end, and with it, the downturn.