The Global cryptocurrency market hasn’t shown any sign of recovery from the recent crash. The second largest cryptocurrency, Ethereum (ETH) prices has registered a massive decrease of over 38% in the past 30 days. Meanwhile, a huge amount of ETH liquidation has been recorded in the last 24 hours.
$240 million worth of ETH liquidated
The crypto world woke up to see Ethereum trading below the $1750 price level. ETH prices are down by 10% in the last 24 hours. As per Coinglass, around $241 million in positions have been liquidated from the second largest cryptocurrency in the last 24 hours. This amount consists of 137.4K Ethereum. Meanwhile, the market has witnessed a total liquidation of more than $545.5 million over the past 24 hours.
According to the tracker, 83% of the total liquidation consisted of long positions in the last 24 hours. ETH prices haven’t performed as the Long trader’s expectations. Around $204 million went in the long position amid the liquidation. However, over $39 million went into short positions. Okex trading platform has recorded the most liquidation of more than $190 million with 84% in the long position. Meanwhile, ETH’s 24 hour trading volume has registered a surge of over 110% to stand at $29.3 Billion.
Is ETH’s merge facing a problem?
The recent major drop has come before the most anticipated ETH ‘Merge’ upgrade. The network registered some stability issues which has raised many questions over its future. The merge will be shifting the Ethereum network from POW to POS in order to make it energy efficient. As per the report, the ETH Beacon chain experienced a 7 block deep reorganisation issue yesterday. This is termed the probable security risk for the network.
The majority of the investors were still hoping for the crypto market to recover from its lower levels. However, the digital assets market has shrunk by another 2% over the last day. The total market cap stands at $1.2 trillion. Meanwhile, Bitcoin (BTC) has liquidation of around $110 million in the past 24 hours.
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