Ethereum one-day liquidations hit a 3-year high with the price of the coin nearing $1900 and it seems that ETH is back on another winning streak as it breaks above this level so let’s read more today in our latest Ethereum news.
The ETH price movement came after the weekend that was characterized by low momentum but then turned for the better. In the wake of this, there was a lot of short liquidation happening on the market due to recovery however the Ethereum one-day liquidations hit a three-year high when thousands of short positions were liquidated on Bitfinex.
The Bitfinex crypto exchange is one of the biggest exchanges in the world and is favored by both professional and amateur traders. This is why liquidation volumes are often pronounced on the platform but it seemed that on Monday, the liquidations used a new record for the market given that the liqudations surged past $600 million. This pushed the crypto asset into the biggest daily liquidations in three years and there were about $690 million in ETH short liquidated on various exchanges. The shorts made up 99.5% of the liquidations recorded in a four-hour period but the majority had come from the Bitfienx platform. It came out to almost $670 million liquidated on the exchange as ETH barreled past the $1900 level.
Other cryptocurrencies like BTC took a hit at the same time but non-close to the degree where ETH traders were liquidated. It shows that the sentiment turned towards the positive and came to the long-term for the digital asset. Ethereum was on a recovery trend alongside BTC which has shot the digital asset above the 20-day moving average and made its way above $1900 remaining the most important price point for ETH which was struggling with the $1700 level for a long time.
The Liquidations in ETH eased up as the four-hour period where the Bitfienx short liqudations rocked the market passed and paved the way for reasonable liquidation volumes. The Liqudations on the marekt sit at less than $130 million for the past day and ETH has since gone back to trailing behind BTC. The pioneer digital asset saw traders lose $44 million in the past day while ETH traders recorded $32 million in losses.
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