Bitcoin Nosedives to $108K as $110M in Longs Vanish in 24 Hours

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.

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.