$100 Million in ETH Leveraged Positions Liquidated in 24 Hours
Over $100 million in ETH leveraged positions were liquidated over the past 24 hours, as the cryptocurrency staged a recovery.
It's been a wild ride on Ethereum markets over the past 24 hours, with the cryptocurrency experiencing considerable volatility. However, despite the turbulence, Ethereum has held its own and remains a major player in the cryptocurrency market.
It is estimated that over $100 million worth of leveraged ETH positions were liquidated in the past day, causing a ripple effect across the market. This is a significant development that is likely to have far-reaching consequences.
- The past 24 hours have seen a huge amount of money being liquidated, to the tune of almost $200 million. This is a huge amount of money, and it's likely that it will have a significant impact on the market.
- The Bybit platform experienced a surge in activity over the past 24 hours, with over $110 million worth of ETH being traded. The largest single liquidation order that took place on the platform was for a BTCUSD perpetual contract with a face value of $2 million. This represents a significant increase in trading activity on Bybit, and underscores the growing popularity of the platform among cryptocurrency traders.
- Based on the data, it seems that most traders are betting against Bitcoin, expecting the price to go down. However, over the past few months, we've seen Bitcoin's price continue to increase despite these bets. This could mean that we are due for a price increase in the near future.
- It's been a tough few days for ETH holders, with the price dropping sharply towards $1.5K. However, things could be about to turn around, with analysts predicting a rebound in the near future.
- It is encouraging to see that the bulls were quick to recoup the losses after the market dipped below $1,600. This 7% daily increase is a positive sign for the future of the market.
- As we approach the date of the Merge, scheduled for next week, it is worth noting that volatility is likely to pick up. This is to be expected as two companies are coming together to form one, and there is bound to be some turbulence during the process.
It's been an eventful week for Ethereum, to say the least. After briefly dipping below $1,000 on Sunday, the world's second-largest cryptocurrency by market capitalization has been on a tear, climbing all the way back above $1,600 today.
