The bitcoin price fell below the $68,000 mark in early-day trading on Friday after reaching a new all-time high above $73,000 the day before. Price volatility caused a spike in liquidations of leveraged Bitcoin 
BTC
-3.66%
positions.
The value of the largest cryptocurrency by market cap decreased by over 8% in the past 24 hours, trading at $67,016 at 5:40 a.m. ET.
The price of bitcoin has fallen below the $68,000 mark. Image: The Block.
The price correction over the past day led to substantial liquidation of long positions on centralized exchanges. This volatility resulted in the liquidation of more than $278 million in Bitcoin positions, with the majority ($225 million) being longs, according to CoinGlass data.
The second-largest crypto ether (ETH) also experienced an 8% downturn over the past day, now standing at $3,662 at 5:40 a.m. ET. However, SOL, the native coin of the Solana network, defied the downtrend by gaining a muted 0.5% in the same period, according to The Block’s Prices Page.
The overall crypto market experienced over $667 million in liquidated long positions in the last 24 hours, contributing to a total of $809 million in liquidations across various centralized exchanges, the data show.
Liquidations occur when a trader’s position is forcibly closed due to a lack of funds to cover losses. This happens when market movements are unfavorable to the trader’s position, leading to the depletion of their initial margin or collateral.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.