The Ethereum currency is among the worst-hit losers on a daily scale, as the price of the currency fell to its lowest level in more than a year, which we mentioned earlier.
Naturally, this caused collective pain for some traders, as Ethereum liquidated positions exceeded $200 million in 24 hours.
After a relatively positive trading week, Bitcoin and the rest of the market headed south strongly yesterday, possibly driven by record US inflation figures which posted an 8.6% year-over-year increase.
Bitcoin went from over $30,000 to under $29,000 very quickly, and as usual altcoins suffered the most.
Solana, Avalanche, Polkadot and MATIC lost nearly 10% in one day.
Also, Dogecoin, Shiba Inu, Ripple and Cardano declined, and most of them fell by more than 3%.
All of this contributed to a decline in the total market value of more than $80 billion per day, to reach below $1.15 trillion.
Ethereum lost more than 5% on a daily basis.
The second largest cryptocurrency fell below $1,600, which is its lowest price since March 2021.
As expected, the large fluctuation in the price of Ethereum made the liquidation operations rise remarkably.
In the last 24 hours, about $230 million worth of Ethereum positions were liquidated.
Total liquidations are approaching $400 million, which means that those related to Ethereum positions represent more than half of the total liquidated.
In the last 24 hours, more than 100,000 traders suffered from the destruction of their positions.
Posted using Proof of Brain