Ethereum Plunge Drives Liquidation Above $30 Million, More Pain To Come?
10 Ottobre 2023 - 10:00PM
NEWSBTC
The Ethereum price saw a notable price plunge on Monday when the
Ethereum Foundation reportedly started selling coins. This plunge,
in turn, triggered a series of liquidation events that have seen
ETH traders suffer massive losses in the last day. Ethereum
Liquidation Volumes Cross $30 Million. By Tuesday, October 10, the
Ethereum liquidation numbers triggered by the price crash ramped up
quickly to cross the $32 million market. As expected, long traders
suffered the majority of the losses with Coinglass data pointing to
87.61% of all ETH liquidation volumes coming from long traders.
Related Reading: Top 5 Altcoins For October 2023 That Could 20X
Your Crypto Portfolio This meant that of the over $32 million in
liquidation volumes recorded for the asset in the past day, $29.56
million were from long positions. This meant that only $2.91
million in short positions were liquidated. ETH liquidations cross
$30 million | Source: CoinGlass Ethereum also snagged the crown for
the largest single liquidation event for the 24-hour period. The
trade was placed on the Binance crypto exchange across the ETHBUSD
pair with a total value of $4.53 million by the time the
liquidation occurred. Ethereum’s volumes also put it ahead of
Bitcoin for the same time period when Bitcoin usually tends to lead
liquidation volumes. In the 24-hour timeframe, Bitcoin liquidation
volumes came out to $19.28 million compared to $32.48 million for
Ethereum. But just like ETH, the vast majority of the liquidation
volumes for BTC were from long traders. ETH price struggles below
$1,600 | Source: ETHUSD on Tradingview.com Over 20,500 Crypto
Traders Suffer Losses The liquidation volumes over the last day
have been nowhere near the highest for the year but that does not
make it any less significant. CoinGlass’s data shows that as of the
time of writing, 20,525 crypto traders have been liquidated for a
total of $56.42 million. Of this figure, long traders have
accounted for $44.9 million in losses, and short traders for $11.48
million. Besides Bitcoin and Ethereum, the other assets that saw
notable volumes were Bitcoin Cash (BCH) with $3.59 million, XRP
with $2.77 million, and Solana (SOL) with $2.75 million. Related
Reading: Crypto Investor Buying Power Just Reached A 6-Month High,
What This Means The Binance exchange accounted for the largest
volumes at $24.86 million, followed by the OKX exchange with $17.16
million. Next on the list is ByBit with $6.90 million, Huobi with
$5.8 million, and the CoinEx exchange which rounded off the top 5
with $1.05 million. If there continues to be any large swing in
prices like what was witnessed on Monday, then the liquidation
volumes are expected to continue. The only way these volumes will
remain low is if assets in the market continue to trade in a tight
range. Follow Best Owie on X (formerly Twitter) for market
insights, updates, and the occasional funny tweet… Featured image
from Freepik, chart from TradingView.com
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