Bitcoin and Ethereum Tank as Crypto Liquidations Top $150 Million

The prices of Bitcoin and Ethereum both plunged Friday morning, prompting a fresh wave of long position liquidations that pushed total crypto liquidations above $150 million over the past 24 hours, per CoinGlass.

Bitcoin dropped by more than $2,000 in an hour, falling from a price above $63,000 to a daily low of $60,890, according to CoinGecko. It has since rebounded slightly to $61,130 as of this writing, and is down more than 1% on the day.

Meanwhile, Ethereum is down by 2% over the last day, falling from $3,027 to a low of $2,927 alongside Bitcoin’s plunge. It’s up slightly since to $2,940, but still is down lower than it’s been since May 1.

It’s not immediately clear what prompted the price drops for the leading cryptocurrencies. Many other top coins have similarly lost ground this morning, including Solana, which fell back below the $150 mark after reclaiming that price earlier Friday.

More than $62 million worth of long positions were liquidated over the last hour alone. Over the last day, the total of long and short liquidations was just over $150 million across all major cryptocurrencies. Long positions are bets that the price of the coin in question will increase, while short positions bet against gains.

Editor’s note: This story was updated after publication with additional detail.