At Longs Get Rekt, the value of Bitcoin tanks to nearly $300 million

Bitcoin, Ethereum and other top cryptocurrencies fell in value on Friday afternoon as they found a still-growing pile of liquidity that included about $300 million in long positions.

According to data from CoinGlass, in the last hour alone, $12 million worth of crypto long positions were liquidated across the board by $12 million worth of short positions. On a daily basis, there have been $399 million worth of long liquidations and $47 million worth of shorts in the past 24 hours.

Bitcoin dropped from over $71,000 to below $69,000 in 40 minutes, while Ethereum fell from $3,800 to $3,650. Both coins begin to return again.

Editor's note: This story is breaking and will be updated with more details.