Bitcoin and Ethereum prices both fell sharply on Friday morning, triggering a new wave of long position liquidations, with total crypto liquidations exceeding $150 million in the past 24 hours, according to CoinGlass.
Bitcoin fell by more than $2,000 in an hour, dropping from more than $63,000 to a daily low of $60,890, according to CoinGecko. Since then, the stock has rebounded slightly to $61,130 at the time of writing, down more than 1% on the day.
Meanwhile, Ethereum fell by 2% from the previous day, falling from $3,027 to a low of $2,927, in parallel with Bitcoin's sharp decline. It has since risen slightly to $2,940, but is still below its level since May 1st.
The cause of the decline in prices of major cryptocurrencies was not immediately clear. Many other top coins have similarly fallen this morning, including Solana, which fell below the $150 mark after regaining the $150 price early Friday.
Over $62 million worth of long positions were liquidated in the past hour alone. On the final day, total long-term and short-term liquidations were just over $150 million across major cryptocurrencies. A long position bets that the price of the coin in question will rise, while a short position bets on a profit.
Editor's note: This article was updated with additional details after publication.
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