New record is set by network-based platform, but not most pleasant one
As on-chain and market tracker Dune Analytics suggests, Ethereum just set an all-time high amid the cryptocurrency market’s sell-off. The bad thing is that this is not the record you would want to have in your trading or investing history.
An address ending with “c2B3c” just experienced the single biggest liquidation in the platform’s history, losing over 71,800 ETH collateral positions on liquidity at approximately $927 at 7:39 p.m. UTC. The record was set because of the massive plunge of the second-biggest asset on the cryptocurrency market.
Most likely, investors ran out of funding to drive down the liquidation price and faced the unpleasant consequences of under-collateralization, which is becoming a problem for the majority of market participants, including institutional investors. such as Celsius and Three Arrows Capital.
Ethereum’s price performance wipes out large players
One of the most unexpected moves on the market was Ethereum’s plunge below $900, which was previously considered something impossible, especially back when Ethereum was trading at almost $5,000.
Such a massive drop resulted from a cascade of sell-offs, which occurred in both the derivatives and lending markets. With larger positions being liquidated, more and more traders and investors are closing their positions and dumping their Ether at the market price, pushing the price of the asset even lower.
Unfortunately, no indicators are showing any type of inflows, which is not surprising as ETH remains one of the worst performing assets on both financial and cryptocurrency markets by losing more than 40% of its value since June 10.
At press time, Ether is changing hands for $1,030 and has managed to pull back above the $1,000 threshold. The 1-week low is currently at $885.
