Ethereum Rise Over $1,600 Liquidated Over 100 Million In Last 24 Hours


The general crypto market saw some positive price hikes in 24 hours. Several currencies are trading in the green, including Ethereum with a gain of 7.86% and Bitcoin with a gain of 2.89%.

Other altcoins like PancakeSwap CAKE, SHIB, Ethereum Classic ETC and Tether USDT are also in the greens. For example, CAKE stock is up 3.6%, SHIB is up 1.56%, while ETC has posted a decent price growth of 8.38.

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Currently , ETH . price at $1,635 while Bitcoin price It stands at 19,304 dollars. Before the market closes today, September 8th, we may see more upside support for the top cryptocurrencies and altcoins as well. But the recent increase in Ether prices has led to an escalation of liquidations.

Ethereum price growth increases liquidation

Due to the surge in the price of ETH, many leveraged positions are being liquidated. According to Congress, liquidations totaled nearly $200 million within 24 hours.

ETH jobs were more than $110 million of the total jobs liquidated. Notably, the largest demand has always been a center of $2 million worth of BTCUSD. This filter was done in Bybit.

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

ByBit, FTX, CoinEX, Huobi, and Bitmex recorded $3.16 million, $1.39 million, $447.91 thousand, $321.57 thousand, and $20.73 thousand.

ETHUSD
Ethereum price is currently trading above $1,650. | Source: ETHUSD price chart from TradingView.com

What could lead to liquidation

The Ethereum community is set to embrace the upcoming upgrade to prove the stake mechanism. Even as the consolidation approaches, the price of the currency continues to fluctuate. There is a more positive outlook today, but days past weren’t very convincing.

For example, the price of ETH fluctuated between $1,533 and $1,577 from August 30 to September 5. It saw a slight rise above that level on Sept 6, but that was the day of the Bellatrix upgrade. After the rally, it fell back to $1,560 the next day, September 7, but closed the market at $1,629.

With such price swings, it is no surprise that liquidations are currently pushing their limits in the markets. Most traders are not able to hold their positions, and the exchanges close them.

About filtering

Liquidation occurs when cryptocurrency exchanges close a trader’s leveraged position due to initial margin losses. This is one of the reasons why traders are advised to easily deal with leverage. If the value of crypto assets drops, they may lose their little investment capital.

Given the recent uncertainty in cryptocurrency prices, including Ethereum, it is clear that these leveraged positions are no longer sustainable. Some of the avoidable traders from this trend are those who have placed a ‘stop order’ on their positions.

Related reading: Phantom is closely watching a potential 20% segment this month

But the probability of losing their money during this period is very high for those who have not. Unless, of course, the consolidation reverses the price trend.

Featured image from Pixabay and chart from TradingView.com



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