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The entire crypto space experienced a massive dip in prices following the crash of LUNA. However, the effect still lingers on as the dip continues to prevail across all Blockchain networks. For instance,in the past one month, Ethereum’ native token, ETH, has recorded about 38% price devaluation. Also, the 24 hours price charts showed that the token has liquidated a lot.
Ethereum Lost $240 Million Worth of ETH To liquidity
Today began with a massive dip for Ethereum as it lost about 10% of its price value. More so, in the last 24hours, ETH registered a low of $1750 at price level.
The 24 hours statistics revealed that about 137.4k ETH worth $241 million has been liquidated. It also showed that all coins across crypto space generally registered a liquidation of $545.5 million.
The price analysis for the last 24hours revealed that long positions constituted about 83% of the entire liquidation. Traders long for ETH’s price to rise as they expected after staking $240 millions into a long position. Meanwhile, the short position rakes in about $39 million at the same time.
Majority of the ETH liquidation occurred on the Okex exchange. Okex is one of the largest crypto exchanges in the world. It has registered about 84% of the total long position liquidation. This is about $190 million worth. Furthermore, a spike of 110% has been noticed in the trading volume of ETH, as it stands at $29.3 price level.
ETH’s Most Anticipated Merge Experiences Glitches
The prevailing price dip occurred before the launch of Ethereum’s most awaited upgrade, Merge. The upgrade is supposed to shift the entire Ethereum’s ecosystem from POW to POS. This is aimed at reducing the amount of energy needed to power the network. And also to improve the scalability and transaction speed of the network.
According to the report, about 7 blocks were rearranged in the ETH Beacon Chain yesterday. As a result, some speculators are questioning the instability that occurred as regards to the upgrades. They consider the issue to be a potential security weakness that can be exploited by criminals.
The crypto market is still spewing red signals. Nonetheless, investors are still optimistic as they continue to hope that the market will recover from its bearish condition soon. However, for the past couple of days, the general crypto market witnessed a 2% loss in value. The net market capitulation at the time of press,stands at the $1.2 trillion price level. Also, Bitcoin had its fair share of liquidity as it recorded $110 million in BTC liquidation.
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