Major cryptocurrencies such as Bitcoin, Ethereum, and Solana have experienced notable declines, following the liquidation of $200 million in long positions.
The current price of Bitcoin has fallen to just under $68,008, marking a drop of more than 3% in the last 24 hours, according to CoinGecko. This represents a significant decrease from its March peak of $73,737.
Ethereum has seen an even larger decrease, with its price dropping by 5% in the past day, now trading at $3,413.
Among the hardest hit is Solana, the fifth largest cryptocurrency by market cap, which has plunged nearly 7%; and Toncoin, which experienced a decline of over 7% and is now priced at $6.65, after nearly surpassing Dogecoin in market position earlier this week.
In just the past hour, over $200 million worth of long positions—a type of derivative contract that bets on the price increase of an asset—have been liquidated, as per data from CoinGlass. The total liquidations over the past day have reached approximately $359 million.
Solana Faces Additional Challenges Solana’s price dip comes amidst network congestion issues that have exacerbated its decline. Over the last week, Solana has dropped about 6% and is now valued at $175. Additionally, tokens associated with its network, such as Wormhole, have also suffered significant losses, particularly following its recent airdrop event.
These widespread losses highlight the volatile nature of the cryptocurrency market and the risks associated with speculative trading in digital assets.
