Ethereum Records $102mln in Liquidations
Ethereum has a significant lead over other cryptocurrencies in terms of the volume of tokens that have been liquidated during the previous twenty-four hours, with 102 million tokens having been sold.
According to the data provided by CoinGlass, throughout the course of the previous day, a total of $59.96 million worth of short positions and $42.47 million worth of long positions were closed out. Toward the end of Sunday’s trading session, the value of the asset hit an intraday high of $1,654 before tumbling to a low of $1,558 within the space of two hours.
Ninja, a trader in cryptocurrencies, is of the opinion that the sudden drop in price was caused by a large-scale sale transaction that took place on the FTX bitcoin market.
Another cryptocurrency specialist stated on Twitter that it most likely was a bull trap. “Certainly, it looks to have been a bull trap.”
In the meanwhile, Bitcoin recorded a total daily volume of just $22,94 million in liquidations. As the value of the asset swung between $22,242 and $22,970 during the course of the preceding 24 hours, both long positions ($11.39 million) and short positions ($11.55 million) had their holdings reduced.
10k $ETH market sell within 10 mins on FTX spot markets resulted in a -4% move
that is but a fraction of their inventory
running short stops / liquidations… then dump, it’s ponzi market pic.twitter.com/z6PiNEPyiX
— Ninja (@Ninjascalp) July 24, 2022
Dogecoin liquidations were quite low when compared to those of the top two cryptocurrencies. Long holdings in the meme currency accounted for 75 percent of the $669,000 worth of DOGE that was sold off. According to information provided by Benzinga Pro, the price of DOGE fluctuated between $0.065 and $0.068 during the course of the last twenty-four hours.
$ETH one final push to 1690 before going down? Would be a beautiful combo, bull trap + stop hunt of shorts that were pilling up these past days pic.twitter.com/dSfqjjOOWR
— fabiocabral.eth (@fabiocab99) July 24, 2022
AuthorKelly Cromley
Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.