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Bitcoin price falls below $64,000 as $209 million in crypto long positions liquidated
The price of Bitcoin fell below $64,000 on Thursday morning with over $209 million in crypto-bullish positions wiped off as the market slumped overnight.
According to Decrypt, data from Coingecko states that Bitcoin is selling at $63,700 down by 4% on the day.
Bitcoin is not alone in its slump, the wider crypto market also slumped with the combined market capitalization of all cryptocurrencies dropping by 4.7% overnight.
Ethereum, the second-largest cryptocurrency by market capitalization also slumped like Bitcoin down by 5.3% over the past 24 hours with its price hovering around $3,090.
Among the top 10 cryptocurrencies, Toncoin (TON) has seen the biggest dip, down 10.1% over the past 24 hours to trade at $5.21.
The market dip saw over $209 million worth of crypto-long positions liquidated according to CoinGlass data. About 52 million in Bitcoin Long Positions were also liquidated.
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The current dip comes as inflows into Blackrock’s spot bitcoin ETF dried up, ending a 71-day streak of consistent inflows making it break into the top ten for the longest ETF daily inflow streaks since 2004.
Across the board, according to CoinGlass data, Bitcoin spot ETFs outflows hit $120.6 million after three consecutive days of inflows.
This follows Hong Kong spot Bitcoin and Ethereum ETFs getting officially approved yesterday, with a trading date set for April 30.
Experts believe as much as $25 billion could be brought into the crypto market should the exchange-traded funds be opened to investors in mainland China.
The much-anticipated Bitcoin Halving event occurred over the weekend. This event has always been Bullish over the long term but also comes with some short-term losses.
Since Bitcoin’s high of $65,230 on the day of the halving, the leading cryptocurrency has dropped 2% as it dipped below $64,000.
Long positions are derivative contracts that enable investors to bet that the price of an asset will go up; if a long is liquidated, then the trader has lost the bet, and their position is closed.
Alongside the Bitcoin Halving event, a new Bitcoin token standard called Runes was released. These tokens accounted for over 81% of transactions on Tuesday. They are essentially meme coins for Bitcoin and their launch created a frenzy that took over the network.