Bitcoin fell to 12th in the world in terms of market capitalization, behind Tesla in the rankings, according to CompaniesMarketCap.
The price of the digital asset dropped to $81,000 earlier today and continued to fall as trading progressed. At the time of writing, BTC was hovering around $77,300, down 8% in the last 24 hours, according to TradingView data.
The recent decline has pushed Bitcoin’s market cap to around $1.5 trillion, allowing Tesla, now valued at $1.6 trillion, to move up to the 11th position.
Earlier this week, Bitcoin fell from the top 10 global assets, placing it behind Meta Platforms and Taiwan Semiconductor Manufacturing Company.
This morning’s sharp market correction triggered widespread deleveraging, wiping out approximately $2.5 billion in leveraged crypto positions over the past day, according to CoinGlass.
Long traders bore the brunt of the losses, amounting to $2.4 billion, while more than 408,000 traders were liquidated.
