BTC broke through $68,500 around 10 PM last night (25th), reaching a high of $68,771.49, but the upward momentum was not sustained as selling pressure emerged, and it then fluctuated downward, plunging about 2.4% in an hour around 6:30 AM this morning, hitting $65,596.29.
As of the time of writing, it has rebounded slightly, currently trading at $66,706.76, down 1.82% in the past 24 hours.
ETH breaks $2,400
The price trend of ETH is similar to that of BTC, but the volatility is greater. After climbing to $2,566.33 last night, it has been declining, and around 7:30 AM this morning, it touched $2,382.59, a new low in the past two weeks. As of the time of writing, it has rebounded slightly, currently trading at $2,437.32, down 3.43% in the past 24 hours.
Top 10 tokens plunge
CoinMarketCap data shows that other top 10 tokens have also plunged in the past 24 hours. The relatively strong SOL has fallen back to $164.66, down 6.4%; Doge and TON have also seen declines of over 5%, with prices currently at $0.1323 and $4.82 respectively.
Over $400 million in liquidations in the past 24 hours
Against this backdrop, according to Coinglass data, in the past 24 hours, the total amount of cryptocurrency liquidations across the network exceeded $408 million, with long positions accounting for $345 million, and over 148,000 people being liquidated.
BTC is not the top in terms of liquidation amount, but rather other coins (Others) are in the lead, indicating that in the face of BTC's high volatility, investors have been more actively investing in small-cap tokens, but the volatility is greater, and the risk of liquidation has also increased accordingly.
Additionally, the only coin with net short liquidations is the newly listed Binance contract $MOODENG, which has surged over 189% against the trend in the past 24 hours, currently trading at $0.218. However, due to the coin's high volatility, investors are advised to carefully assess the risks before investing.
