Over $320,000,000 in Bitcoin and Crypto Liquidated in Just 24 Hours, with Ethereum (ETH) the Most Affected: Coinglass
New data from intelligence firm CoinGlass shows that $288.22 million worth of digital assets have been liquidated in the past 24 hours as the market experiences increased volatility in the wake of Ethereum’s (ETH) merger update.
According to CoinGlass, Ethereum is most affected by the selloff followed by Bitcoin (BTC).
The world’s leading smart contract platform has lost $169.64 million, or more than four times the $38.24 million in value that Bitcoin, the largest crypto asset by market cap, lost in the last 24 hours.
According to the market information platform Sentimentthe price of the largest altcoin fell as traders expect ETH to plunge before the merger happens.
“As traders bet Ethereum would fall leading up to the merger, short liquidations have been the story so far. After ETH prices fell to $1,565 following Tuesday’s CPI report, traders expect a fall bet following this mild bounce up to $1,635.” “
Santiment says Ethereum will Continue seeing increased volatility now that it transitioned to a proof-of-stake network.
“Ethereum’s merger day has rightly been the overriding trend, even with the now concluded and relatively drama-free expected outcome. Over the past year, ETH has seen less interest, but this event will drive volatility in the near future.”
At the time of writing, ETH is trading at $1,471, down 9.57% in the last 24 hours. BTC changes hands for 19,682, down 2.75% in the same period.
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Featured image: Shutterstock/Philipp Tur/LongQuattro
