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The Recent Price Plunge of Bitcoin and Ethereum
On a recent Friday morning, the prices of Bitcoin and Ethereum experienced a significant drop, leading to a surge in long position liquidations in the crypto market. According to CoinGlass, total crypto liquidations exceeded $150 million within a 24-hour period.
Bitcoin’s Price Movement
Bitcoin witnessed a sudden decline of more than $2,000 in just one hour, sliding from a level above $63,000 to a daily low of $60,890 as reported by CoinGecko. As of the latest update, Bitcoin has managed to recover slightly to $61,130, representing a decrease of over 1% for the day.
Ethereum’s Performance
Similarly, Ethereum experienced a 2% drop over the past day, falling from $3,027 to a low of $2,927 alongside Bitcoin’s downturn. Despite a minor rebound to $2,940, Ethereum remains below its price level since May 1.
The specific drivers behind the sudden price declines for these leading cryptocurrencies remain indistinct. Notably, other prominent coins such as Solana also saw a decrease, with Solana retreating below the $150 threshold after briefly surpassing this level earlier on the same day.
Within the span of just one hour, long positions worth more than $62 million were liquidated, contributing to a total of over $150 million in liquidations encompassing both long and short positions across various major cryptocurrencies within the past day. Long positions involve speculations on price increments, while short positions anticipate price declines.
This article serves as a comprehensive overview of the recent price movements of Bitcoin and Ethereum and the corresponding impacts on the broader crypto market.
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