Bitcoin has fallen to the 12th-largest asset globally by market capitalization, falling behind Tesla in the rankings, according to CompaniesMarketCap.
The price of the digital asset fell to $81,000 this morning and continued to fall as trading progressed. At the time of writing, BTC was hovering around $77,300, down 8% in the past 24 hours, according to TradingView data.
The recent decline has seen Bitcoin’s market capitalization fall to around $1.5 trillion, allowing Tesla, now worth $1.6 trillion, to move up to 11th place.
Earlier this week, Bitcoin fell out of the top 10 global assets, falling behind Meta Platforms and Taiwan Semiconductor Manufacturing Company.
This morning’s sharp market correction triggered widespread deleveraging, with approximately $2.5 billion wiped from leveraged cryptocurrency positions in the previous day, according to CoinGlass.
Long traders lost $2.4 billion and more than 408,000 traders were liquidated.