Japan · Bitcoin · Federal Reserve (FED) · CoinDesk
Crypto longs lose $500 million as bitcoin slides to $78,000, SOL and XRP down 5%
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Crypto bulls betting on higher prices nursed over $500 million in losses as bitcoin slipped to near $78,00 in Asian morning hours Saturday.
Key facts
- CoinGlass data showed $581 million in total liquidations over 24 hours with $552 million of that wiped from long positions and $28 million from shorts
- BTC liquidations led at $189 million, followed by ETH at $151 million
- BTC was down 3.2% over 24 hours, per CoinDesk data, reversing all gains from the past seven days where the asset briefly traded above $82,000
- Solana (SOL) dropped 5% to $86.98 and is now down 7% over the past seven days
Summary
Bitcoin fell about 3 percent to near $78,000, erasing its gains from the past week and dragging major cryptocurrencies like Solana, Ether and XRP lower. More than $580 million in crypto positions were liquidated over 24 hours, with roughly 95 percent of the wipeout hitting leveraged long bets, led by bitcoin and ether. The sell-off came as global markets reacted to hotter-than-expected inflation data, rising bond yields and higher oil prices, prompting traders to shift from expecting Federal Reserve rate cuts to potential hikes. BTC was down 3.2% over 24 hours, per CoinDesk data, reversing all gains from the past seven days where the asset briefly traded above $82,000.