Crypto News– On Friday afternoon, there was a sudden downturn in the prices of top cryptocurrencies, coinciding with total liquidations nearing half a billion dollars within just an hour.
Major Token Prices Plummet in Flash Crash, Pushing Crypto Liquidations Close to 500 Million Dollars
The exact cause of this abrupt decline in crypto market performance remains unclear. It’s possible that external factors not directly linked to the cryptocurrency market, such as the tensions between Iran and Israel, contributed to the price drop. Earlier in the day, U.S. President Joe Biden expressed his anticipation of a potential attack by Iran on Israel in the near future.
According to data from the crypto liquidations tracker CoinGlass, total cryptocurrency liquidations amounted to $466.5 million between 2:00 p.m. ET and 3:00 p.m. ET on Friday. Among these, long liquidations stood at $417.7 million, while short liquidations reached $50.6 million.
Over the past 24 hours, CoinGlass reports that total liquidations reached $858.15 million across 270,018 traders.
The sudden price decline, often referred to as a flash crash, affected major token prices. Bitcoin, for instance, experienced a drop from around $68,116 to $66,400 within the hour, marking a 2.5% decrease. As the largest cryptocurrency by market capitalization, Bitcoin has seen a 5.3% decline over the past 24 hours.
In the last hour, Ethereum’s token price dropped approximately 3.3% from $3,324 to $3,226, marking an 8.11% decrease over the past day.
Similarly, Solana’s token price recently declined by about 8.5%, falling from $166 to $152. The 24-hour change for Solana showed a negative 13.25%, as reported by The Block’s prices.
Stocks of major crypto industry companies also experienced declines. Coinbase’s COIN dropped 6.21% to $246.68, while MicroStrategy’s MSTR fell 4.86% to $1,476 during Friday’s trading session.
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