$400M in Liquidations as Ethereum (ETH) Slumps to 2-Month Lows
Ethereum’s native cryptocurrency has dumped by a double-digit percentage, leading today’s massive sell-off.
The total value of liquidated positions on a 24-hour scale is on the rise again, touching $400 million.
This comes as the entire crypto market has turned red, with ETH leading the way following a violent 10% daily drop.
- The price of Ethereum was already struggling following the long-anticipated Merge, as it seems Mark Cuban’s prediction of being a sell-the-news event came to fruition.
- The asset traded around $1,600 last Thursday when the Merge finally took place but began to freefall hours later.
- It entered the weekend at around $1,450, but the past 12 hours brought a lot of pain to the bulls as ETH slumped below $1,300 for the first time since mid-July.
- The rest of the market is in no better shape. Bitcoin spiked to just over $20,000 yesterday, but the primary crypto has taken a big hit as well and now struggles beneath $19,000.
- Cardano, Polkadot, Shiba Inu, and Polygon have also dumped by up to 10% from the larger-cap altcoins.
- The lower- and mid-cap alts suffer badly as well, with Uniswap, NEAR, Litecoin, and Chainlink charting double-digit losses.
- The overall crypto market cap is down by $60 billion daily to just over $900 billion on CoinMarketCap. These adverse price movements come ahead of the interest rate hikes expected from the central banks of the US and EU this week.
- Given this enhanced volatility, it’s no wonder that the total liquidations have skyrocketed to just under $400 million on a daily scale. In the past 12 hours alone, they are at $300 million.
- Over 120,000 traders have seen their positions wrecked, and the single-largest liquidations taking place on BitMEX – worth $10 million.