Optimistic Crypto Traders Betting on Future Gains Have Been Burned

Optimistic traders betting on future crypto gains have been largely burned over the last day, with liquidations on crypto positions surging above the $800 million mark over the past 24 hours as prices decline.

More than $827 million worth of bets have been liquidated during that span, per data from CoinGlass, with long positions making the vast majority of the bunch at $747 million.

Bitcoin is the biggest single source of pain for traders, making up $222 million of soured bets, with Ethereum next at nearly $122 million. Solana, XRP, and Dogecoin round out the top five for daily asset liquidations.

All of those coins are in the red on Friday, with the broader crypto market declining in value by 4.3% over the last day.

Dogecoin is leading the pack for losses among the top 10 coins by market cap, falling 9% over the past day and sitting just below the $0.20 price mark. DOGE hasn't been this low since May 8.

Solana is down by nearly 5% at $160, XRP has fallen 3.3% to $2.20, and Ethereum is off by 3% at a current price of $2.573.

Bitcoin's daily dip of 1.3% is less notable at a current price of $104,730, though it came close to the $104,000 mark earlier this afternoon. The leading cryptocurrency has struggled in recent days to hold onto last week's gains, surging just over a week ago to hit a new all-time high mark of $111,814.

Friday's crypto slide comes as stock market indices were also down earlier in the day following Thursday's down GDP report, and recent back-and-forth between President Donald Trump and the