Sharp Decline in Crypto Market as Over $359 Million in Long Bets Liquidated

The cryptocurrency market experienced a sharp decline today as a substantial volume of long bets were offloaded, affecting major cryptocurrencies. Bitcoin, Ethereum, Solana, among others, saw their prices drop significantly due to the selling of long positions.

Significant cryptocurrencies like Bitcoin and Ethereum experienced notable losses today. As of the latest data from CoinGecko, Bitcoin’s value fell to just under $68,008, marking a more than 3% decrease within the past day—a notable decline from its March peak of $73,737.

Ethereum saw an even steeper fall over the last 24 hours with a 5% decrease, now trading at approximately $3,413.

Among the major cryptocurrencies, Solana recorded a nearly 7% fall, while Toncoin, which has shown remarkable performance this week, saw a sharp decrease. After nearly surpassing Dogecoin earlier in the week, it is now priced at $6.65, down over 7%.

The downturn in the crypto market reflects the massive liquidation of long positions, with CoinGlass reporting that over $200 million worth of bets were offloaded in just the last hour. In total, nearly $359 million in long positions were liquidated over the past day.