Crypto Watch: $400M in Liquidations as Ethereum (ETH) Leads the Red Way:
The total value of liquidated positions on a 24-hour scale has taken a big spike, touching $400 million.
This is as a result of the entire crypto market value decline, with ETH leading the way with a 10% daily drop.
The price of Ethereum was already shaking even after the Merge, as it seems Mark Cuban’s prediction of being a sell-the-news event came to reality.
After the success of the transition, ETH traded around $1,600 last Thursday but began to plummet hours later.
It held the weekend at around $1,450, but the past 12 hours brought a lot of pain to the bulls as ETH plummeted below $1,300 for the first time since mid-July.
ETH is not only the Asset in shambles but it is the leading one even after the merge.
The world’s first cryptocurrency, Bitcoin spiked to just over $20,000 yesterday, but the primary crypto has declined beneath the $19,000 mark.
Cardano, Polkadot, Shiba Inu, and Polygon have also dumped by up to 10% from the larger-cap altcoins.
Other ALT coins like Uniswap, NEAR, Litecoin, and Chainlink still felt the pain to have charted double-digit losses.
Meanwhile, the overall crypto market cap is down by $60 billion daily to just over $900 billion on CoinMarketCap.
These adverse price movements can be linked to the anticipation of a hiked interest rate from the central banks of the US and EU this week.
Nevertheless, with rising volatility, the total liquidations have skyrocketed to just under $400 million on a daily scale.
Finally, over 120,000 traders have seen their positions destroyed, and the single-largest liquidations taking place on BitMEX – worth $10 million.