In brief
- Crypto liquidations exceed $800 million over the past 24 hours, mostly from longs.
- Bitcoin dipped to nearly $104,000 Friday after setting a new peak just shy of $112,000 last week.
- Dogecoin is the biggest loser in the top 10 coins today, dropping below $0.20 per coin.
Optimistic traders betting on future crypto gains have been largely burned over the last day, with liquidations on crypto positions surging above the $800 million mark over the past 24 hours as prices decline.
More than $827 million worth of bets have been liquidated during that span, per data from CoinGlass, with long positions making the vast majority of the bunch at $747 million worth.
Bitcoin is the biggest single source of pain for traders, making up $222 million worth of soured bets, with Ethereum next at nearly $122 million. Solana, XRP, and Dogecoin round out the top five for daily asset liquidations.
All of those coins are in the red on Friday, with the broader crypto market declining in value by 4.3% over the last day.
Dogecoin is leading the pack for losses among the top 10 coins by market cap, falling 9% over the past day as of this writing and sitting just below the $0.20 price mark. DOGE hasn’t been this low since May 8.
Meanwhile, Solana is down by nearly 5% at $160, XRP has fallen 3.3% to $2.20, and Ethereum is off by 3% at a current price of $2.573.
Bitcoin’s daily dip of 1.3% is less notable at a current price of $104,730, though it came close to the $104,000 mark earlier this afternoon. The leading cryptocurrency has struggled in recent days to hold onto last week’s gains, surging just over a week ago to hit a new all-time high mark of $111,814.
Friday’s crypto slide comes as stock market indices were also down earlier in the day following Thursday’s down GDP report, and recent back-and-forth between President Donald Trump and the courts over whether his global tariffs are legal.
In a Friday market note, BRN Lead Research Analyst Valentin Fournier said to expect “further short-term weakness for Bitcoin” before a potential pop to new heights.
“We expect a temporary drop toward the $100K level before a broader move toward $130K-$150K, after which altcoins could take over,” he wrote.
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