The bitcoin price fell below the $68,000 mark in early-day trading on Friday after reaching a new all-time high above $73,000 the day before. Price volatility caused a spike in liquidations of leveraged Bitcoin positions.

The value of the largest cryptocurrency by market cap decreased by over 8% in the past 24 hours, trading at $67,016 at 5:40 a.m. ET.

The price correction over the past day led to substantial liquidation of long positions on centralized exchanges. This volatility resulted in the liquidation of more than $278 million in Bitcoin positions, with the majority ($225 million) being longs, according to CoinGlass data.

The second-largest crypto ether (ETH) also experienced an 8% downturn over the …