Major digital coins including Bitcoin, Ethereum, and Dogecoin plunged on Thursday, with liquidations over a 24-hour period closing in on $1 billion.
Bitcoin, the leading cryptocurrency, was recently down by nearly 4%, trading for under $109,700, CoinGecko data shows.
While Ethereum, the second biggest digital coin, dropped further—by 7.5%—and was trading for $3,879 Thursday afternoon New York time.
Other major cryptocurrencies were battered harder, with Dogecoin dropping by nearly 9%. The original meme coin and eighth-biggest digital asset was trading close to $0.23.
Solana has fallen about as hard on the day, dipping almost 9% to $196. Both SOL and DOGE are down about 21% over the last week alone, making them the biggest losers among the top 100 coins by market cap.
The drop in crypto prices came with a dip in the stock market, with the S&P 500, Nasdaq, and Dow Jones Industrial Average all shedding value.
CoinGlass data shows that over $930 million in traders' positions betting on the future prices of cryptocurrencies had been liquidated. The vast majority of that number—over $860 million—were long positions.
Editor's note: This story is breaking and will be updated with additional details.
