Ethereum Hits 14-Month Low as $521mln Long Positions Get Liquidated in 24hrs Jun 13, 2022 Jun 13, 2022 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Bitcoin NewsJune 13, 2022 by Kelly Cromley

Ethereum Hits 14-Month Low as $521mln Long Positions Get Liquidated in 24hrs

As Ethereum (ETH) and rest of the markets for cryptoassets are seeing yet another significant sell-off activity, thousands of cryptocurrency traders are having their holdings liquidated. According to data on cyptocurrency futures found on the website Coinglass, throughout yesterday, crypto holdings with a value of over $521 million have been completely wiped out.

During the course of the last day, long bets worth more than $443 million have been flushed, which means that traders who were counting on a rebound have been hit the most by the sell-off. Traders who were anticipating additional fall were not spared by the price fluctuations, as short positions totaling $86 million were crushed in the same span.

When the bears take possession of the cryptocurrency markets, Coinglass reports that Ethereum traders had severe losses on June 11-12th, at 168,000 ETH worth almost $245 million. These losses occurred as the bears took control of the cryptocurrency markets. While preparing this report, one Ether can be purchased for $1,349. This is a decrease of almost 7.8 percent in in the last 24 hours. Today, the price of Ethereum reached a 14-month low of $1,347, marking a new low point for the dominant smart contract platform.

Following close after ETH is Bitcoin (BTC). According to data provided by Coinglass, Bitcoin dealers lost a total of over 4,100 BTC yesterday, which is equivalent to $112.47 million. At the time of this writing, a single Bitcoin can be purchased for a price of $25,592, representing a loss of almost 7.1% in the last twenty-four hours. According to Coinglass’s findings, a total of 180,389 cryptocurrency dealers were forced to liquidate their positions in only one day.

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.