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In summary
- Bitcoin fell from its new all-time high of over $93,000 to $87,805, losing more than 6% in 24 hours and dragging the Cryptocurrency market into a widespread correction.
- In the last day, $617 million in cryptocurrency futures positions have been liquidated, of which $444 million were long positions, with Bitcoin accounting for $179 million in liquidations.
- Despite the decline, Bitcoin and other major cryptocurrencies have maintained an overall rally since the election of Donald Trump, who has promised to make the US the “crypto capital of the planet.”
After reaching over $93,000 and hitting a new all-time high on Wednesday, the price of Bitcoin fell sharply on Thursday, taking other cryptocurrencies with it and ruining many long positions in the process.
The largest digital asset by market capitalization is now trading for $87,805, following a drop of more than 6% in the last 24 hours, according to CoinGecko.
The price of Ethereum fell around 8% in the same period, to a current price of $3,083.
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The correction comes as investors waited for Federal Reserve Chairman Jerome Powell to deliver his speech this Thursday afternoon, communicating upcoming monetary policy moves for the US stock market. Stock market indices They are also slightly lower on the day.
Many cryptocurrency futures traders who had been betting bullish, that is, betting that future prices would rise, on Bitcoin, Ethereum and other major assets, have seen their positions closed amid the cryptocurrency decline.
In the last day, approximately $617 million in positions have been liquidated across all cryptocurrencies, according to data from CoinGlass. Of that figure, $444 million were long positions.
As usual, Bitcoin accounted for the bulk of liquidations, totaling $179 million, including $135 million in long positions.
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Other major cryptocurrencies like Dogecoin also suffered. The original meme coin is now down almost 6% in a 24-hour period, trading at $0.39. Meanwhile, the price of Solana has fallen by just over 2%, with the fifth largest coin now valued at $212.
Even with this drop, major digital coins and tokens maintain a significant rise following Donald Trump’s victory in last week’s presidential election. The President-elect has promised to help the industry, stating that under his watch, all future Bitcoin will be minted in the US and the country will become the “crypto capital of the planet.”
Edited by Andrew Hayward
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