Over $320M Bitcoin and Crypto paid in just 24 hours, with Ethereum (ETH) the strongest hit
New data from intelligence firm CoinGlass shows that $288.22 million in digital assets were liquidated in the past 24 hours as the market experienced increased volatility following the Ethereum (ETH) crisis update. .
The world's leading smart contract platform suffered a loss of $169.64 million, more than four times the $38.24 million worth of Bitcoin, the largest crypto asset by market capitalization. field, lost in the last 24 hours. .
“While traders are betting that Ethereum will drop before the merger, short liquidations are the story so far. After ETH price dropped to $1565 following Tuesday's CPI report, traders were expecting a false drop following this slight rally to $1635.”
Santiment says that Ethereum will continue to experience increased volatility as it has transitioned to the proof-of-stake network.
“The legitimate Ethereum merger date is the general trend, even with its expected outcome now over and relatively drama-free. Over the past year, ETH has received less interest, but this event will lead to volatility in the near future."
At the time of writing, ETH is trading at $1471, down 9.57% over the past 24 hours. BTC is changing hands for 19,682, down 2.75% over the same period.
Sep 16, 2022