Bitcoin Price Plunges as $245 Million in Crypto Longs Are Liquidated

Bitcoin’s price is sinking, dropping by 5% over the last 24 hours and prompting a growing wave of liquidations across the crypto ecosystem, totaling $265 million over the past 24 hours.

As of this writing, Bitcoin is sitting at a price of $66,548, down from a 24-hour peak above $70,000. Crypto long positions have been most severely affected by the price action, with some $245 million in longs liquidated over the past day, per data from CoinGlass, including about $57 million in Bitcoin long positions.