Bitcoin Tau Fa'ase'e I lalo $64,000 e $209 Miliona i Crypto Longs Fa'amuta

The price of Bitcoin slipped below $64,000 Thursday morning, with over $209 million in crypto long positions liquidated as the market slumped overnight.

I fa'amatalaga mai Tupe siliva, Bitcoin is currently trading at around $63,700, down 4% on the day.

As Bitcoin tumbled, the wider crypto market fell in lockstep, with the combined market cap of all cryptocurrencies dropping by 4.7% overnight. Ethereum, the second-biggest cryptocurrency by market cap, has faced a similar fate to Bitcoin, down 5.3% over the past 24 hours to hover around $3,090.

Among the top 10 cryptocurrencies, Toncoin (TON) has seen the biggest dip, down 10.1% over the past 24 hours to trade at $5.21.

The market slump saw over $209 million in crypto long positions liquidated, according to CoinGlass data, with over $52 million in Bitcoin longs liquidated. Longs are derivative contracts that enable investors to bet that the price of an asset will go up; if a long is liquidated, then the trader has lost the bet and their position is closed.

The downturn comes as inflows into BlackRock’s spot Bitcoin ETF dried up, ending a 71-day streak after it broke into the top 10 for the longest ETF daily inflow streaks since 2004.

Across the board, according to Fa'amatalaga CoinGlass, Bitcoin spot ETFs outflows hit $120.6 million after three consecutive days of inflows.

This comes as Hong Kong’s spot Bitcoin and Ethereum ETFs were officially approved yesterday, with a trading date set for April 30. Experts believe this move could bring e oʻo atu i le $ 25 piliona into the crypto market, should the ETFs be opened up to investors in mainland China.

I le faaiuga o le vaiaso o le Bitcoin vaeluaina occurred, an event where Bitcoin miners saw their rewards cut in half. While historically, this event has been bullish over the long-term, it’s also often seen losses over the short-term. Since Bitcoin’s high of $65,230 on the day of the halving, the leading cryptocurrency has dropped 2% as it dipped below $64,000.

Alongside the halving, a new Bitcoin token standard called Runes was released. These tokens, which are essentially meme coins for Bitcoin, took over the network, tupe mo over 81% of transactions i le Aso Lua.