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Major cryptocurrencies, including Bitcoin and Ethereum, are the worst with $200 million lost on long positions.
of The price of Bitcoin It is now below $68,008 according to CoinGecko. That's a drop of more than 3% in 24 hours—and a real drop from March's all-time high of $73,737.
Meanwhile, the price of Ethereum took a big 24-hour blow of 5%; The coin is currently trading at $3,413.
The worst was Solana, the fifth largest cryptocurrency, which nosedived by almost 7%. And Toncoin, which has been on a roll this week—and nearly overturned Dogecoin in the process. It is now priced at $6.65, down more than 7 percent.
The crypto market crashed, and traders lost their positions as they bet on the rising prices of major cryptocurrencies. CoinGlass data shows that over $200 million worth of positions have been canceled in the past hour alone.
Last day, that number was close to $359 million.
Longs are derivative contracts that allow investors to bet that an asset's price will rise. If it is long liquid, the trader loses the bet and their position is closed.
Edited by Andrew Hayward.
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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