Crypto News Today- Bitcoin Price Drops as Long Positions Worth Over $150 Million Get Liquidated

Crypto News Today- Longs Worth Over $150 Million Liquidated as Bitcoin Price Plunges

Crypto News– Bitcoin fell on Friday to its lowest price in nearly a month, triggering a wave of crypto long position liquidations exceeding $100 million within an hour, and surpassing $150 million over the past day.

According to CoinGecko, Bitcoin’s price currently sits at $65,240, down over 2% on the day and about 8% over the past week. The last time Bitcoin was this low was on May 16, nearly a month ago.

This drop has led to a spike in liquidations. Data from CoinGlass shows over $105 million worth of positions were liquidated in the past hour alone, including $103 million in long positions. This recent surge has brought the 24-hour total of liquidations to $180 million, with about $157 million in longs.

In trading, liquidations occur when a trader is forced to close their position at current market prices to cover losses and debts, typically because their margin account can no longer support their long or short position. A long position is a bet that an asset will increase in value, while a short position is a bet that the price will fall.

The price decline and liquidations on Friday follow a trend that began earlier in the week. On Tuesday, approximately $245 million worth of crypto long positions were liquidated ahead of the U.S. Bureau of Labor Statistics’ report for May. Then, on Wednesday, the price of Bitcoin experienced a dip after the Federal Reserve decided to maintain interest rates unchanged for the 11th consecutive month, while hinting at the possibility of a future rate cut.

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