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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Ethereum Liquidates Over 100 Million As The Price Crosses $1600 Mark

Kent Tenix
Kent Tenix
2 years ago
3 mins read
ethereum

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The general crypto market has seen some positive price rally in 24 hours. Many of the coins are trading in greens, including Ethereum with its 7.86% gains and Bitcoin with a 2.89% surge. 

Other altcoins such as PancakeSwap CAKE, SHIB, Ethereum Classic ETC, and Tether USDT are also in the greens. For instance, CAKE gained 3.6%, SHIB soared by 1.56%, while ETC recorded a good 8.38 price growth. 

Related Reading: Central Bank Chairs Push Bitcoin Price To The Downside, Will BTC Bounce Again?

Currently, the ETH price is at $1,635  while the BTC price stands at $19304. Before the close of the market today, September 8, we might see more bullish support for the top cryptos and the altcoins too.  But the recent price increase in Ether has spiked liquidations. 

Ethereum Price Growth Increases Liquidations 

Due to the price increase seen in ETH price, many of its leveraged positions are being liquidated. According to Coinglass, the total liquidations have reached close to $200 million in 24 hours. 

ETH positions were more than $110 million out of the total liquidated positions. Notably, the largest order was a BTCUSD perpetual position worth $2 million. This liquidation took place on Bybit. 

Other exchanges with high liquidations figures include OKEx, Binance, ByBit, FTX, CoinEX, Huobi, Bitmex, etc. OKEX recorded up to 75% short positions liquidations amounting to $4.28 million, while Binance followed closely with $3.36 million in total liquidations. 

ByBit, FTX, CoinEX, Huobi and Bitmex recorded $3.16M, $1.39M, $447.91K, $321.57K and 20.73K. 

ETHUSD
Ethereum’s price currently trades above $1,650. | Source: ETHUSD price chart from TradingView.com

What Could Be Pushing Liquidations 

The Ethereum community is set to embrace the upcoming upgrade to a proof of stake mechanism. Even as the Merge approaches, the coin price keeps fluctuating. There is a more positive outlook today, but the past days have not been too convincing. 

For instance, the ETH price fluctuated between $1533 and $1577 from August 30 to September 5. It saw a little push above that mark on September 6, but that was the day of the Bellatrix upgrade. After the rally, it pulled back to $1560 the next day, September 7 but closed the market with $1629. 

With these price fluctuations, it’s not surprising that liquidations are currently pushing their limits in the markets. Most traders are not able to hold their positions, and the exchanges are closing them. 

A Brief on Liquidation

Liquidation occurs when crypto exchanges close a trader’s leveraged position due to losses in the initial margin. This is one reason traders are advised to go easy on leverage. If the value of the crypto asset plummets, they could lose their own little investment capital. 

Given the recent uncertainty in crypto prices, including Ethereum, it’s obvious that these leveraged positions are no longer sustainable. Some traders that can be spared from this trend are those who placed a “stop order” on their positions.  

Related Reading: Fantom Keeps Close Eye On Possible 20% Slide This Month

But the likelihood of losing their funds during this period is very high for those who didn’t. Unless, of course, the Merge reverses the price trend. 

Featured image from Pixabay and chart from TradingView.com
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Kent Tenix
Kent Tenix

Kent Tenix

Kent is a talented freelance writer and journalist who creates insightful and thought-provoking content. With over 5 years of experience, she has honed her skills and established herself as an expert in her field. Kent is especially passionate about in-depth reporting and investigative journalism. She thoroughly researches every topic and story she covers to provide readers with comprehensive information and perceptive analysis. Whether she's reporting on crypto, business, technology, or finance, Kent prioritizes accuracy, nuance, and integrity. Her goal with every piece is to inform readers and inspire meaningful conversations and positive change. Kent enjoys traveling, photography, and spending time with her family when she's not tirelessly conducting interviews or poring over data. She hopes to continue using her writing to enlighten and engage audiences on issues that matter.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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