On Thursday morning, the value of Bitcoin, a popular cryptocurrency, plunged below $64,000, leading to the loss of over $209 million in bullish cryptocurrency positions as the market experienced a significant downturn overnight.
According to data from Coingecko, Bitcoin is currently trading at $63,700, marking a substantial 4 percent decline within a single day.
Bitcoin’s decline is not an isolated event; the broader cryptocurrency market also witnessed a slump, with the combined market capitalization of all cryptocurrencies dropping by 4.7 percent overnight.
Ethereum, the second-largest cryptocurrency in terms of market capitalization, followed suit with a 5.3 percent drop over the past 24 hours, with its price hovering around $3,090.
Among the top 10 cryptocurrencies, Toncoin (TON) experienced the most significant decrease, plummeting by 10.1 percent over the past 24 hours to trade at $5.21.
The market downturn led to the liquidation of over $209 million worth of crypto-long positions, as reported by CoinGlass data. Additionally, approximately 52 million in Bitcoin Long Positions were also liquidated.
The current market dip coincides with the drying up of inflows into Blackrock’s spot bitcoin ETF, marking the end of a 71-day streak of consistent inflows. This streak placed it among the top ten for the longest ETF daily inflow streaks since 2004.
According to CoinGlass data, Bitcoin spot ETF outflows reached $120.6 million after three consecutive days of inflows.
This development follows the official approval of Hong Kong spot Bitcoin and Ethereum ETFs yesterday, with a trading date set for April 30.
Experts speculate that opening exchange-traded funds to investors in mainland China could inject as much as $25 billion into the cryptocurrency market.
The much-awaited Bitcoin Halving event took place over the weekend, historically signaling long-term bullish sentiment but often accompanied by short-term losses.
Since reaching a high of $65,230 on the day of the halving, Bitcoin has experienced a 2 percent decline, dipping below $64,000.