Bitcoin Price Plunges as Over $150 Million in Longs Get Rekt

Bitcoin fell Friday to its lowest price in nearly month, prompting a flurry of crypto long position liquidations that topped more than $100 million in an hour, and over $150 million over the past day.

The price of Bitcoin currently sits at $65,240, per data from CoinGecko, down over 2% on the day and about 8% over the past week. Bitcoin last fell this low on May 16, nearly a month ago.

Liquidations are spiking as a result, with over $105 million worth over the last hour per data from CoinGlass, including $103 million worth of long positions. That recent surge has pushed the 24-hour total of liquidations to $180 million, including about $157 million in longs.

In trading, liquidations refer to when a trader is forced to close their position at current market prices to cover losses and debts when their margin account can no longer support their long or short position. A long position is a bet that an asset will increase in value, while a short is a bet that the price will fall.

Friday's price dip and liquidations continue a trend from earlier this week. On Tuesday, some $245 million worth of crypto long positions were liquidated ahead of the release of the U.S. Bureau of Labor Statistics report for May. And on Wednesday, the price of Bitcoin dipped after the Federal Reserve left interest rates unchanged for the 11th consecutive month, leaving the door open to a one-rate cut.

By comparison, Ethereum is currently trading at $3,398, down 1.7% for the day and 10.1% for the week. Ethereum liquidations topped $30.1 million on Friday according to CoinGlass. Solana is trading at $141.33, down 4.1% for the day and 16.2% for the last seven days, with liquidations of Solana long positions at $11.5 million.

Editor's note: This story was updated after publication with additional details.