Key Takeaways
- The entire value of liquidated positions has witnessed an upsurge in the last 24 hours.
- ETH is ahead due to its massive daily drop of 10%.
The entire value of liquidated positions has witnessed an upsurge in the last 24 hours. It has reached the $400 million mark. Last week, ETH merge went live, and the cryptocurreny market was covered with tinges of optimism. But this new update has broken the hope of some investors as the crypto market has remained bearish and loss-stricken.
Interestingly, ETH is ahead due to its massive daily drop of 10%. Before the merge went live, Ethereum suffered from poor value, but with the current look of things, the sell-the-news event projected by Mark Curban might actually be gaining ground.
Read: With Inflation At 8.3%, Ethereum Risks “Sell The News” Merge
$400M in Liquidations as Ethereum (ETH) Slumps to 2-Month Lows
The cryptocurrency market has witnessed a $400 million in liquidations as Ethereum (ETH) slumps to a 2-Month lows. As at Thursday last week when the merge went live, ETH traded at around $1,600 but began to crash some hours after. This went on and on. It reached $1,450 but in the last couple of hours has provoked a lot of grievances and disappointments in investors as ETH falls below $1,300- the first time this has happened since mid-July.
Even the market in entirety is nothing to write home about. The crash is free-flowing and there's seemingly no sort of stop at all. Just yesterday, Bitcoin rose over $20,000 though, it has not been left excepted from the market's massive crash. Currently, it is stuck under $19,000 with no glare sight of leap in the coming days.
The same goes for other cryptocurrencies like Polkadot, Shiba Inu, Polygon and Cardano have also suffered equal crash by around 10% from the huge cap altcoins.
Uniswap, Litecoin, Chainlink and NEAR have also suffered badly from this crash as they recoed double-digit losses. Presently, the market's condition is really disheartening. The total crypto market capitalization has gone down by $60 billion to an alarming value of roughly $900 billion on CoinMarketCap.
These unfavorable pricing changes occur before this week's anticipated interest rate increases from the US and EU central banks. Given this increased volatility, it is hardly surprising that daily total liquidations have risen to just about $400 million. They had reached $300 million just in the last twelve hours.
Over 120,000 traders have seen their positions destroyed, and BitMEX is currently seeing the single-largest liquidations, totalling $10 million. Let us know what you think about this in the comment section below
