$400M in Liquidations as Ethereum (ETH) Slumps to 2-Month Lows

The total value of liquidated positions on a 24-hour scale increases again, reaching $400 million.

This comes as the entire crypto market has turned red, with ETH leading the way after a violent 10% daily plunge.

  • The price of Ethereum was already struggling after the long-awaited merger, as Mark Cuban’s prediction of a sell-on-the-news event seems to have come true.
  • The asset was trading around $1,600 last Thursday when the merger finally happened, but began to fall hours later.
  • It entered the weekend around $1,450, but the last 12 hours caused a lot of pain for the bulls as ETH fell below $1,300 for the first time since mid-July.
  • The rest of the market is not in better shape. Bitcoin rose to just over $20,000 yesterday, but the mainstream crypto has also taken a big hit and is now struggling below $19,000.
  • Cardano, Polkadot, Shiba Inu, and Polygon have also dumped up to 10% of the largest-cap altcoins.
  • Small- and mid-caps are also suffering heavily, with Uniswap, NEAR, Litecoin and Chainlink posting double-digit losses.
  • The global crypto market cap shrinks by $60 billion daily to just over $900 billion on CoinMarketCap. These adverse price moves come ahead of expected interest rate hikes by the US and EU central banks this week.
  • Given this heightened volatility, it’s no surprise that total liquidations have soared to just under $400 million on a daily basis. In the last 12 hours alone, they have been $300 million.
  • Over 120,000 traders have seen their positions destroyed and the largest liquidations taking place on BitMEX, worth $10 million.
Cryptocurrency Market Overview.  Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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