Bitcoin Price Slips Below $64,000, $209 Million In Long Positions Liquidated Amid Market Slump

The price of Bitcoin fell below $64,000 Thursday morning, resulting in over $209 million in crypto long positions being liquidated amid the overnight market slump.

 According to CoinGecko, Bitcoin is currently trading around $63,700, down 4% for the day.

The broader crypto market mirrored Bitcoin’s decline, with the combined market cap of all cryptocurrencies dropping by 4.7% overnight. Ethereum, the second-largest cryptocurrency, also experienced a 5.3% decrease over the past 24 hours, hovering around $3,090.

Toncoin (TON) suffered the most significant drop among the top 10 cryptocurrencies, declining by 10.1% over the past day to trade at $5.21.

The market downturn led to over $209 million in crypto long positions being liquidated, including over $52 million in Bitcoin longs, as reported by CoinGlass data. Longs, derivative contracts allowing investors to speculate on asset price increases, faced closure upon liquidation, indicating losses for traders.

The decline coincided with the end of a 71-day streak of inflows into BlackRock’s spot Bitcoin ETF, as per CoinGlass data, with Bitcoin spot ETFs experiencing outflows of $120.6 million after three consecutive days of inflows.

Meanwhile, the approval of Hong Kong’s spot Bitcoin and Ethereum ETFs yesterday, with trading set to commence on April 30, could potentially inject up to $25 billion into the crypto market, should mainland Chinese investors gain access.

Following the Bitcoin halving over the weekend, where miners saw their rewards halved, the leading cryptocurrency experienced a 2% drop from its high of $65,230, dipping below $64,000. While historically bullish in the long run, halvings often coincide with short-term losses.

Simultaneously, the release of a new Bitcoin token standard called Runes garnered attention, representing meme coins for Bitcoin and accounting for over 81% of network transactions on Tuesday.

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