Friday morning witnessed significant declines in the prices of both Bitcoin and Ethereum, triggering a fresh wave of liquidations of long positions, surpassing $150 million in total crypto liquidations within 24 hours, according to CoinGlass.
Bitcoin plummeted by over $2,000 within an hour, dropping from a price exceeding $63,000 to a daily low of $60,890, as reported by CoinGecko. Presently, it has slightly rebounded to $61,130 but remains down by over 1% for the day.
Concurrently, Ethereum experienced a 2% decrease over the past day, declining from $3,027 to a low of $2,927 in tandem with Bitcoin’s decline. It has since recovered slightly to $2,940 but remains below its levels since May 1.
The exact cause of the leading cryptocurrencies’ price drops is not immediately evident. Several other top coins have also suffered losses the same morning, including Solana, which retreated below the $150 mark after briefly surpassing that price earlier on Friday. Within an hour alone, liquidations of long positions amounted to over $62 million.
Over the past day, the cumulative liquidations of both long and short positions exceeded $150 million across all major cryptocurrencies. Long positions signify expectations for the coin’s price to rise, while short positions anticipate declines.
Despite this, Square CEO and Twitter co-founder, Jack Dorsey, remains optimistic about Bitcoin reaching $1 million within the decade. Just a week ago, a surge in the crypto market resulted in $100 million worth of liquidations of bearish short positions.
When asked by Pirate Wires about Bitcoin’s price in 2030, Dorsey said, “I don’t know. Over… at least a million.” He added that, “I do think it hits that number and goes beyond.” Calling Bitcoin “a fascinating ecosystem and movement,” Dorsey added that, “anyone who works on it, or gets paid in it, or buys it for themselves—everyone who puts any effort in to make it better—is making the entire ecosystem better, which makes the price go up.”
