Record-breaking volume of liquidations were tracked on second biggest cryptocurrency on market
According to cryptocurrency market liquidation data provided by Coinglass, Ethereum has seen one of the highest liquidation volumes in recent months or even years, with nearly $800 million in orders evaporated. of the market.
Such a large liquidation volume appeared after Ethereum bounced off the support line at $1,715 and gained around 4% to its value. The squeeze has most likely appeared because of traders’ and investors’ belief that the second biggest cryptocurrency on the market will drop below $1,700 and rush to the next support at around $1,500.
Ethereum’s rebound was most likely the result of both a short squeeze and a massive concentration of long orders on Bitcoin, which also rebounded in a manner similar to Ether. Fortunately, Bitcoin broke the eight-week negative streak after closing at $29,888.
As for the whole market, total liquidations are sitting at approximately $809 million, which is considered far below average for the relatively low volatility we are seeing on the market today.
The total market sell-off rate shows that the bulls are in control, with almost 90% of all orders taken out being shorts. Binance remains the largest liquidation provider in the market over the past 24 hours.
Previously, the co-founder of Ethereum, Vitalik Buterin, asked his Twitter subscribers about topics they disagree with. Notable crypto and IT community representatives shared their opinions on such topics as politicization, immortality and even the legitimacy of the Dogecoin memecurrency.
At press time, Ethereum is trading at $1,891 and posting the best start to the week since March, with a price increase of nearly 5% in the past 24 hours.
