From Nasdaq:

Cryptocurrencies took a dive on Thursday night as long position traders faced significant liquidation. Bitcoin was down 3.11% to $41,243, Ethereum fell 2.41% to $2,460, and Dogecoin dropped 3.51% to $0.077. In the past 24 hours, over $200 million in cryptocurrency long positions was liquidated. Over 90,000 traders were affected, totaling $227.91 million liquidated across both long and short positions.

The top gainer in the past 24 hours was Flare, up 5.60% to $0.022, as the global cryptocurrency market cap dropped to $1.68 trillion. On Thursday, tech companies, led by Apple, pushed the major averages into positive territory. The Nasdaq Composite surged 1.35% to close at 15,055.65, and the S&P 500 closed at 4,780.94, just 15.62 points away from its record.

Despite the drop in cryptocurrency prices, some analysts, like Michael Van de Poppe and Rekt Capital, see potential for a rebound. Santiment, an on-chain analytical firm, reported that traders remain optimistic about the long-term effects of the recent approval of 11 initial Spot Bitcoin ETFs by the SEC on January 10.



Read more: Bitcoin, Ethereum, Dogecoin Plunge Amid $200M Crypto Long Liquidations: Analyst Says King Crypto To Reach All-Time Highs After Halving Event