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So long, long positions 🫡

So long, long positions 🫡

The top coins turned red Friday, triggering over $150 million in liquidations.

Ryan Ozawa
May 10, 2024

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📝 What you need to know

Bitcoin and Ethereum are both down today, with BTC dropping nearly $3,000 in four hours—hitting a daily low of $60,328 as of this writing—and ETH slipping below $2,900. According to Coinglass, the dip set off over $150 million in liquidations for long positions within 24 hours.

Even so, Square CEO Jack Dorsey is optimistic that BTC will hit $1 million within the decade.

What a difference a week makes: Seven days ago, an uptick in the crypto market triggered $100 million in liquidations of pessimistic short positions.

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💬 Quote of the Day

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This idea that Consensys’ lawsuit is going to answer the question [of] whether Ethereum is a security or not—
and that's the only forum that has that ability right now—
is a fallacy.

— Christopher Gerold
former chief of the New Jersey Bureau of Securities

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