According to CompaniesMarketCap, Bitcoin has fallen to the world’s 12th largest asset by market capitalization, trailing Tesla in the rankings.
The digital asset’s price fell to $81,000 earlier today and continued to fall as trading progressed. At the time of writing, BTC was down 8% in the past 24 hours and hovering around $77,300, according to TradingView data.
The recent decline has brought Bitcoin’s market cap down to around $1.5 trillion, allowing Tesla, currently valued at $1.6 trillion, to rise to 11th place.
Earlier this week, Bitcoin fell out of the top 10 global assets, falling behind Metaplatforms and Taiwan Semiconductor Manufacturing Company.
According to CoinGlass, this morning’s sharp market correction triggered widespread deleveraging, with approximately $2.5 billion of leveraged crypto positions wiped out in the past day.
Long traders bore the brunt of $2.4 billion in losses, with over 408,000 traders liquidated.
