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Liquidation of $400 million, coinciding with the drop in the price of Ethereum to its lowest level in two months

Liquidation of $400 million, coinciding with the drop in the price of Ethereum to its lowest level in two months

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Answer Liquidation of $400 million, coinciding with the drop in the price of Ethereum to its lowest level in two months

The drop in the price of Ethereum contributed to the increase in the total value of liquidated transactions on a 24-hour scale, reaching $400 million.

This comes with the entire cryptocurrency market turning red, with Ethereum leading the way after a violent daily drop of 10%.

The price of Ethereum was already struggling after the long-awaited merger, as Mark Cuban’s prediction that the merger would be a news selling event appears to have come true.

Ethereum was trading around $1,600 last Thursday when the merger finally took place, but it started free-falling hours after the upgrade was completed.

Read:Sentiment Toward Bitcoin Drops to Historic Low…Here’s What Bitcoin Needs to Rise

Ethereum started the weekend at around $1,450, but the past 12 hours have brought a lot of pain to the bulls as the price of Ethereum dropped below $1,300 for the first time since mid-July.

The crypto market is not in a good position:

Bitcoin rose to just over $20,000 yesterday, but also fell below $19,000.

Minimum and average altcoins suffered poorly as well, with Uniswap, NEAR, Litecoin, and LINK all drawing double-digit losses.

These adverse price moves come ahead of expected interest rate increases by the central banks of the United States and the European Union this week.

Given this enhanced volatility, it’s no wonder that total liquidations have risen to just under $400 million on a daily scale.

In the last 12 hours alone, Arrived Liquidations to 300 million dollars.

Read:Crypto traders betting on Trump lose $11 million after Biden wins the presidency

Over 120,000 traders witnessed their positions destroyed, and the largest liquidation was on the $10 million BitMEX trading platform.

Read also:

Bitcoin Drops to $18,000, Altcoins Lose $80 Billion

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