The cryptocurrency market experienced a significant downturn on Friday morning, with Bitcoin (BTC) leading the decline. Following the initial surge in BTC price due to the approval of spot Bitcoin exchange-traded funds (ETFs) in the U.S. last week, the price subsequently plummeted. This drop resulted in the liquidation of over $247 million in positions, indicating the ongoing turmoil in the crypto market. Specifically, $68 million worth of Bitcoin long positions were liquidated, as reported by Coinglass.
Bitcoin’s price fell by 3.6% in the last 24 hours, reaching a monthly low of $40,800 before slightly recovering to $41,155 at the time of writing. The market cap for BTC dropped to $806 billion, while trading volumes surged by over 30% in the last 24 hours to $26.6 billion.
Ethereum (ETH), the leading altcoin, saw a 2.8% decrease to $2,460, with its market cap at $295.5 billion and trading volume up by 18% to $11.9 billion. Binance Coin (BNB) bucked the trend with a 0.6% increase to $311.2. Other top 10 cryptocurrencies continued to decline over the 24-hour period.
Significant losses were observed in Solana (SOL) by 6.7%, XRP by 3%, Cardano (ADA) by 5%, and Avalanche (AVAX) by over 7%. Meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) each fell by more than 3%, reflecting waning interest in these assets.
Pepe Coin, trailing behind MYRO, dropped over 5% to $0.000001125, with its market cap falling to $473.7 million. The sell-off triggered an increase in trading volume to $73.3 million. SEI, the token of SeiNetwork, experienced a sharper decline of over 9%, with its price falling to $0.717 and market cap to $1.7 billion. Conflux’s token saw a 2% increase to $0.1985, with a notable 257% surge in trading volume to $224.3 million.