The price of Bitcoin has fallen 5% in the last 24 hours, causing a growing wave of liquidations throughout the crypto ecosystem, totaling $265 million in the last 24 hours.
As of this writing, Bitcoin sits at a price of $66,548, down from a 24-hour peak of above $70,000. Long positions in cryptocurrencies have been the most affected by the price action, with around $245 million in long positions liquidated in the last day, according to data from CoinGlass, including approximately $57 million in long Bitcoin positions.
Today’s BTC drop is the fastest drop the world’s leading cryptocurrency has seen in over a month. Just a few days ago, the token came close to hitting its previous all-time high, $73,737, set in March.
That move comes ahead of two key, potentially market-impacting events scheduled for tomorrow.
On Wednesday, the U.S. Bureau of Labor Statistics will release its consumer price index for May, revealing the latest update on the U.S. government’s fight against inflation. Then, Jerome Powell, chair of the US Federal Reserve, will hold a press conference announcing updates to US fiscal policy after a two-day Fed meeting.
Should those events bring bad news about inflation and interest rates, BTC may be at risk of falling further.
While BTC-related positions have resulted in liquidations worth $61.27 million in the last 24 hours, that price action was surpassed by Ethereum, the day’s leader in liquidations.
In the last day alone, more than $70 million in ETH-related positions have been liquidated. The overwhelming majority of them, almost $66 million, were long positions. ETH is down 6.8% today, at $3,437 at the time of writing.
Solarium has seen liquidations of around $9.7 million in long positions since yesterday; In that period, the token has fallen 8.5%.
PEPE, DOGEand NOT—the coin behind the hit Telegram-based game Notcoin—have each seen around $4 million in long position liquidations in the last 24 hours.
Editor’s note: This story was updated after publication with additional details.
