Ethereum is back on another winning streak as it topped $1,900. This comes on the heels of a weekend that was mostly marked by low momentum but will eventually turn for the better. In the aftermath, there were a lot of short liquidations in the market due to the recovery. However, liquidations in Ethereum reached a new high in three years when thousands of short positions on the crypto exchange Bitfinex were liquidated.
Bitfinex Short Filters Grow
Bitfinex cryptocurrency exchange is one of the largest in the world and is highly preferred by both amateur and professional traders. this is the reason Filter sizes It is often pronounced on the podium. However, Monday’s liquidations will set a new record for the market as Ethereum liquidations alone have topped $600 million.
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This digital asset drove its largest daily liquidation in three years. In total, there were over $690 million in Ethereum shorts filtered across various exchanges. Short sells accounted for 99.5% of these liquidations recorded over a four-hour period. However, the majority came from the cryptocurrency exchange Bitfinex. It liquidated to nearly $670 million on the exchange as ETH topped the $1,900 mark.
Other cryptocurrencies like Bitcoin have had success in the same time frame but nothing close to the degree to which Ethereum traders have been liquidated. It shows that sentiment is in the positive for the long-term digital asset.
Ethereum stands on the ground
Ethereum has been in the process of recovering along with Bitcoin. This resulted in the digital asset rising above its 20-day moving average. Its way above $1900 remains an important point for ETH that has been struggling lately with the $1700 level. It also marks the only green close in recent weeks for the digital asset as it has been closely behind the price of Bitcoin.
ETH price breaks above $1,900 | Source: ETHUSD on TradingView.com
However, liquidations in Ethereum have eased. The four-hour period in which Bitfinex’s short liquidations shook the market passed quickly, paving the way for more reasonable liquidation volumes. Currently, liquidations across the crypto market are under $130 million in the last 24 hours.
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Since then, Ethereum has fallen behind Bitcoin when it comes to liquidation. Leading digital assets saw traders lose $44.4 million in the previous day at the time of writing while ETH traders posted losses of $32 million. A total of 48,219 traders were liquidated and Bitfinex still holds the largest single liquidation with a total of $2.06 million from a single trade.
Featured image from CNBC, chart from TradingView.com
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