It came down just as quickly as it went up.
Bitcoin's price was rapidly approaching $70,000 per coin on Sunday, discouraging potential feats. Instead, it started to decline, falling below the $67,000 level late Monday morning. As a result, derivatives traders are hurting.
The largest digital asset by market capitalization is currently trading at $67,300 after falling about 2% over the past day.
A fall in Bitcoin means that futures traders who were long or were betting on a rise in Bitcoin's price suffered losses. Approximately $123 million in long positions were liquidated across all cryptocurrencies in the past 24 hours, according to CoinGlass data.
Of this, nearly $47 million was in Bitcoin positions. Total crypto liquidations in the past 24 hours, including short positions, currently stand at $200 million, with Ethereum outperforming Bitcoin by less than $1 million in total.
Last week, the cryptocurrency began to soar, primarily as investments in U.S. Bitcoin exchange traded funds (ETFs) began to surge. European asset manager CoinShares said in a report on Monday that last week was the best week for investment vehicles since July, with $2.2 billion worth of inflows.
Analysts say U.S. investors are becoming more bullish on the likelihood of Donald Trump becoming president. The former president and real estate mogul is attacking the White House again and is a strong supporter of cryptocurrencies. Democratic candidate Kamala Harris has been far slower to embrace this area.
Elsewhere, Ethereum's price has fallen by about 1% in 24 hours, and its current price is $2,670. However, it rose nearly 2% last week. Even though Ethereum ETFs have not been embraced as enthusiastically as Bitcoin ETFs, investors last week still poured money into funds that offer exposure to the second-largest coin, according to a Monday report from CoinShares.
Edited by Andrew Hayward
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