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$230M ETH Positions Liquidated in a Day as Ethereum Plunges Below $1.6K

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Ethereum is one of the biggest losers on a daily scale as the asset fell to its lowest position in over a year. Naturally, this has caused massive pain for some traders as liquidated ETH positions exceed $200 million on a 24-hour scale.

  • After a relatively positive trading week, bitcoin and the rest of the market went down hard yesterday, possibly thanks to record U.S. inflation (up 8.6% y/y).
  • BTC fell from $30,000 to $29,000 fairly quickly, but most altcoins were hit harder.
  • Solana, Avalanche, Polkadot and MATIC lost about 10% on the day. Dogecoin, Shiba Inu, Ripple and Cardano are also in the red. The total market capitalization is down more than $80 billion on the day to $1.150 trillion.
  • Ethereum has lost over 10% on a daily basis. The second largest cryptocurrency has fallen below $1,600 to its lowest price since March 2021.
  • As you might expect, the number of ETH liquidations has skyrocketed. On a 24-hour scale, they rose to around $230 million.
  • general liquidation approaching $400 million, meaning that ETH-related positions account for more than half of all.
  • Over the past 24 hours, over 100,000 traders have experienced collapses in their positions.
Overview of the cryptocurrency market. Source: Quantify Crypto
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Credit : cryptopotato.com

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