Bitcoin
Bitcoin Price Drops Below $64,000 as $209 Million in Crypto Longs Settle
The price of Bitcoin fell below $64,000 on Thursday morning, with more than $209 million worth of long crypto positions liquidated as the market fell overnight.
By data from CoinGeckoBitcoin is currently trading around $63,700, down 4% on the day.
As Bitcoin fell, the broader crypto market fell simultaneously, with the combined market capitalization of all cryptocurrencies falling 4.7% overnight. Ethereumthe second-largest cryptocurrency by market cap, has faced a similar fate to Bitcoin, falling 5.3% in the last 24 hours to hover around $3,090.
Among the top 10 cryptocurrencies, Toncoin (TON) suffered the biggest drop, dropping 10.1% in the last 24 hours to trade at $5.21.
The market crash saw more than $209 million worth of long crypto positions liquidated, according to CoinGlass Data, with over $52 million in Bitcoin longs settled. Longs are derivative contracts that allow investors to bet that the price of an asset will rise; if a long position is liquidated, the trader has lost the bet and his position has been closed.
Slowdown Comes as Inflows to BlackRock’s Spot Bitcoin ETF dried outclosing a 71 day streak after entering the top 10 with the longest streaks of daily ETF inflows since 2004.
In general, according to CoinGlass DataBitcoin spot ETF outflows reached $120.6 million after three consecutive days of inflows.
This comes as Hong Kong’s spot Bitcoin and Ethereum ETFs were officially approved yesterday, with a negotiation date set for April 30. Experts believe that this measure could bring up to US$25 billion in the crypto market if ETFs are opened to investors in mainland China.
At the weekend the Bitcoin halved occurred, an event in which Bitcoin miners saw their rewards halved. Although historically this event has been optimistic in the long termis also often seen short-term losses. Since Bitcoin’s high of $65,230 on halving day, the leading cryptocurrency has fallen 2%, falling below $64,000.
Along with the halving, a new Bitcoin token standard called Runes It was released. These tokens, which are essentially meme coins for Bitcoin, took over the networkrepresenting more than 81% of transactions on Tuesday.