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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Crypto Market Liquidations Top $330 Million In 24 Hours With Ethereum In The Lead

Scott Matherson
Scott Matherson
1 year ago
2 mins read
Ethereum liquidations

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As the Bitcoin and Ethereum prices hav barreled toward a new all-time high, short-term traders have been suffering the brunt of the liquidations. In the last day alone, over $330 million was liquidated from the crypto market and the majority of this has been from short traders who expect prices to fall once again.

Over 78,000 Traders Liquidated For $330 Million

Coinglass data shows that the last 24 hours have been brutal for crypto traders. In this short time, more than 78,000 crypto traders have seen their positions liquidated, leading to hundreds of millions of dollars in losses.

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In total, there have been $330 million in liquidations. Out of this figure, 81.42% were positions belonging to short traders, meaning they made up $268.76 million of the total figure. Long traders only made up $61.31 million in the liquidations.

Crypto liquidations Ethereum
Source: Coinglass

Contrary to the established trend, Bitcoin did not lead liquidations this time around, instead falling behind Ethereum. This is understandable as the Ethereum price had risen over 20% in the 24-hour period, whereas the Bitcoin price maintained gains of around 6%.

Ethereum liquidations accounted for around 32% of the total figure, coming out to $105.13 million at the time of writing. The largest single liquidation event also happened on an ETH-USDT pair on the Huobi exchange, costing the trader $3.11 million.

In constrast, Bitcoin liquidations came out to $96.53 million, but just like Ethereum, the figure was made up by a majority of short traders. Following behind Bitcoin is Solana with liquidations of $21.53 million. Other coins which saw substantial liquidations include Dogecoin with $7.42 million and PEPE with $4.3 million.

Bitcoin And Ethereum Lead Market Rally

The market rally that has shaken the market in the last day has mostly been led by Ethereum, with Bitcoin throwing in support. The United States Securities and Exchange Commission (SEC) asked exchanges to update their 19b-4 filings, which are important to any Spot ETFs being approved.

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Given this, the market sentiment had picked up as the expectation for the approval of Spot Ethereum ETFs spread. During this time, Bloomberg analysts James Seyffart and Eric Balchunas also reviewed their approval odds for the funds, taking it from a low 25% to a high 75%.

During this time, the price of Ethereum went from trending around $3,100 to rising above $3,700. At the same time, the Bitcoin price jumped above $71,000, triggering one of the best days for the crypto market so far in 2024.

Ethereum price chart from Tradingview.com
ETH bulls push past $3,700 | Source: ETHUSD on Tradingview.com
Featured image from Dall.E, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Read more

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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