Bloodbath for crypto longs as Bitcoin tumbles below $116K

More than half a billion in long positions were liquidated across the crypto market on Friday as the price of Bitcoin slipped below $116,000 amid a broader market tumble.

According to CoinGlass data, $585.86 million in long positions were liquidated, with Bitcoin (BTC) accounting for $140.06 million of that total as it dropped 2.63% to $115,356.

Ether (ETH) followed with $104.76 million in long liquidations, falling 1.33% to $3,598 over the same period.

Dogecoin (DOGE) led the losses among the top 10 cryptocurrencies by market capitalization, dropping 7% over the past 24 hours to $0.22 and wiping out $26 million in long positions, according to Nansen.

The sudden market downturn led to the liquidation of 213,729 traders over the period, catching many off guard amid recent bullish sentiment. Across the board, a total of $731.93 million was wiped out of the market in short and long positions.

It was on July 14 that Bitcoin reached new all-time highs of $123,100, and many held expectations of the uptrend to continue.

Despite the pullback, sentiment remains bullish, with the Crypto Fear & Greed Index posting a “Greed” score of 70 in its Friday update.

This is a developing story, and further information will be added as it becomes available.