330 million dollars in crypto longs liquidation like bitcoin below 43,000

of The price of Bitcoin It fell below $43,000 on Monday morning, all but erasing last week's gains, resulting in roughly $390 million in liquidity in the crypto futures market over the past 24 hours.

At the time of publication Bitcoin It's trading around $42,400, down 3% over the past 24 hours — as low as $41,800 the previous day, according to CoinGecko.

There were just over $345 million in long positions in the liquid crypto space, up from nearly $402 million the previous day — more than $260 million in the last hour, according to data from CoinGlass. Over 109,000 traders have been banned in the last 24 hours.

Of the total outflows in the past 24 hours, Bitcoin has seen over $103 million in outflows, of which $89 million were long positions.

Bitcoin's overnight decline put a major dent in the path of the crypto market's rally last week, with the global crypto market cap down 3.1% in 24 hours, to $1.65 trillion.

Bitcoin's stumble meant last week's gains were reduced to 1.8%, but the cryptocurrency is still up 14% over the past month and 13% over the past twelve weeks, and 146% over the past year.

That growth has been fueled by optimism over a possible Bitcoin ETF position by the US Securities and Exchange Commission, which has held several meetings with applicants in recent weeks.

In the broader market, expectations are also growing that the Federal Reserve will cut interest rates in 2024. Goldman Sachs revised its forecast on Monday morning to two cuts in 2024, with the first expected in Q3.