The price of bitcoin dipped below the $46,000 mark on Friday as increased market volatility followed the Securities and Exchange Commission's approval of multiple spot ETF applications.

The high volatility over the past 24 hours saw bitcoin almost touch $49,000 before posting a sharp decline below the $46,000 mark. The increased price fluctuations led to the liquidation of over $80 million worth of leveraged bitcoin positions. The majority of those leveraged positions were longs, with over $47 million wiped out.

According to Coinglass data, total liquidations in the past 24 hours for all leveraged crypto positions amounted to $209 million. The majority of the liquidations were long, with $121 million wiped out, and around $88 million in liquidated short positions.

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