The total value of liquidated positions on a 24-hour scale is on the rise again, touching $400 million.
This comes as the entire crypto market has turned red, with ETH leading the way following a violent 10% daily drop.
The price of Ethereum was already struggling following the long-anticipated Merge, as it seems Mark Cuban’s prediction of being a sell-the-news event came to fruition.
The asset traded around $1,600 last Thursday when the Merge finally took place but began to freefall hours later.
It entered the weekend at around $1,450, but the past 12 hours brought a lot of pain to the bulls as ETH slumped below $1,300 for the first time since mid-July.
The rest of the market is in no better shape. Bitcoin spiked to just over $20,000 yesterday, but the primary crypto has taken a big hit as well and now struggles beneath $19,000.
Cardano, Polkadot, Shiba Inu, and Polygon have also dumped by up to 10% from the larger-cap altcoins.
The lower- and mid-cap alts suffer badly as well, with Uniswap, NEAR, Litecoin, and Chainlink charting double-digit losses.
The overall crypto market cap is down by $60 billion daily to just over $900 billion on CoinMarketCap. These adverse price movements come ahead of the interest rate hikes expected from the central banks of the US and EU this week.
Given this enhanced volatility, it’s no wonder that the total liquidations have skyrocketed to just under $400 million on a daily scale. In the past 12 hours alone, they are at $300 million.
Over 120,000 traders have seen their positions wrecked, and the single-largest liquidations taking place on BitMEX – worth $10 million.
