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Bitcoin and Ethereum prices both fell early Friday morning, prompting a new wave of long position liquidity pushing total crypto liquidity over $150 million over the past 24 hours, according to CoinGlass.
According to CoinGecko, Bitcoin fell by more than $2,000 in an hour, dropping to $60,890 from a high of over $63,000. As of this writing, it has recovered slightly to $61,130, and is down more than 1% on the day.
Meanwhile, Ethereum fell 2% last day, falling from $3,027 to a low of $2,927, along with Bitcoin's decline. It has since risen slightly to $2,940, but is still lower than it has been since May 1.
It is not immediately clear what the reason for the price drop is for the major cryptocurrencies. Several other top coins similarly lost ground this morning, including Solana, which fell back below $150 after regaining that value earlier Friday.
More than $62 million worth of long positions were liquidated in the last hour alone. On the last day, total long and short liquidity was just over $150 million across all major cryptocurrencies. Long positions are bets that the value of the coin in question will increase, while short positions are bets with a profit.
Editor's note: This story has been updated after publication with additional details.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and are not financial, investment or other advice.
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