Bitcoin Price Tanks as Nearly $300 Million in Longs Get Rekt

Bitcoin, Ethereum, and other top cryptocurrencies plunged in price suddenly Friday afternoon, yielding a still-growing pile of liquidations that includes almost $300 million worth of long positions.

Some $285 million worth of crypto long positions have been liquidated across the board in the last hour alone, per data from CoinGlass, along with $12 million in short positions. Expanded out daily, there’s $399 million worth of long position liquidations over the past 24 hours, plus $47 million in shorts.

Bitcoin dipped from a price above $71,000 to under $69,000 in a matter of about 40 minutes, while Ethereum plunged from $3,800 to under $3,650. Both coins are starting to rebound.

Editor’s note: This story is breaking and will be updated with additional detail.

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