As large-scale liquidations of virtual asset derivatives continue, virtual asset prices are also trending lower.
As of 8 a.m. on the 26th, on the global coin tracking site CoinMarketCap, Bitcoin was at $87,646, down 1.17% from 24 hours earlier. Ethereum, the No. 2 by market cap, was up 0.41% at $2,972.
Ripple was down 1.68% to $2.20, and Solana was down 0.11% at $138, each in transaction.
The decline in virtual asset prices is seen as the result of large-scale liquidations of long (buy) positions during Bitcoin's sharp drop. For derivatives that bet on a rise in Bitcoin, positions are liquidated if the Bitcoin price falls below a certain level. About $17 million of Bitcoin long positions were liquidated during the day.
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