Bitcoin valuation slipped under $109,000 on Friday, tapping on the session low of $108,104 per coin as all four major US stock indices traded in red.
Crypto Carnage: Bitcoin burns and soaks derivatives
Earlier in the day, Bitcoin jumped into the $108,104 daytime floor, between $110,500 and $111,100. The decline came in parallel with the stock market, but this also declined.
At 11am in the East, the S&P 500 – fresh from this week’s record high – took off 52.84 points. Bitcoin is slipping 4.8% today, with Ethereum falling further over 6%.
Overall, the digital asset market has been off 3.79%, bringing a total valuation of around $3.77 trillion. These losses have been strengthened as floods in the derivatives market amplifies excessive leverage and descent.
Over the past hour alone, more than $26 million for BTC Long has been liquidated, and over the last 24 hours, that figure has swelled to a Bitcoin Long of $110 million, Coinglass.com Metrics shows.
Despite Bitcoin and the broader crypto market’s downward movement, Crypto Fear and greedy index (hosted on alternative .me) remains planted in neutral territory. Whether the Bitcoin bull can shake off the current pressure remains an open question.
