Bitcoin’s valuation slipped beneath $109,000 on Friday, tapping a session low of $108,104 per coin as all four major U.S. stock indexes traded in the red.
Bitcoin Nosedives to $108K as $110M in Longs Vanish in 24 Hours
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Crypto Carnage: Bitcoin Dips With Derivatives on Fire
Earlier in the day, bitcoin hovered between $110,500 and $111,100 before diving to its intraday floor of $108,104. The decline came in tandem with equity markets, which also faltered.
At 11 a.m. Eastern, the S&P 500 — fresh off a record high this week — had shed 52.84 points. Bitcoin has slid 4.8% today, with ethereum falling even further, down over 6%.
Across the board, the digital asset market is off by 3.79%, bringing its total valuation to roughly $3.77 trillion. A flood of liquidations in derivatives markets has intensified these losses, as excessive leverage amplified the descent.
In the past hour alone, more than $26 million in BTC long positions were liquidated, and over the last 24 hours, that figure has ballooned to $110 million bitcoin longs, coinglass.com metrics show.
Despite the downward movement in bitcoin and the broader crypto market, the Crypto Fear and Greed Index — hosted on alternative.me — remains planted in neutral territory. Whether bitcoin’s bulls can shake off the current pressure remains an open question.
About the author
WRITTEN BYJamie RedmanNews Lead
Jamie Redman is the News Lead at Bitcoin.com News and a financial technology journalist based in Massachusetts.
