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. .
According to CoinGlass , Ethereum is most affected by the sell-off followed by Bitcoin (BTC).
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. .
According to market intelligence platform Santiment , the price of the largest altcoin dropped as traders predicted ETH would crash before the crisis hit.
“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