The price of Bitcoin slumped below $43,000 in the early hours of Monday morning, all but erasing the last week's gains and causing almost $390 million in liquidations across the crypto futures market in the past 24 hours.

At time of publication, Bitcoin is trading at around $42,400, down  3% in the past 24 hours—having dipped as low as $41,800 in the past day, per data from CoinGecko.

Of the nearly $402 million in liquidated crypto positions over the past day, just over $345 million were long positions—with over $260 million in the past hour, according to data from CoinGlass. Over 109,000 traders were liquidated over the past 24 hours.

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Of the total liquidations in the past 24 hours, Bitcoin saw over $103 million in liquidations, of which $89 million were long positions.

Crypto market liquidation data.
Image: CoinGlass

Bitcoin's overnight slump puts a bump in the road of the past week's crypto market rally, with the global crypto market cap of all cryptocurrencies dropping by 3.1% over the past 24 hours, to $1.65 trillion.

Bitcoin's stumble means that the past week's gains have been slashed to just 1.8%, however, the cryptocurrency is still up over 14% in the past month and 13% in the past fortnight, and a whopping 146% over the past year.

That uptrend has been fuelled by optimism over the potential approval of a spot Bitcoin ETF by the U.S. Securities and Exchange Commission, which has held a number of meetings with applicants in recent weeks.

In the wider market, there's also a growing expectation that the Federal Reserve will cut interest rates in 2024; Goldman Sachs revised its projection on Monday morning to two such cuts in 2024, with the first expected in Q3.

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The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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