Ethereum Liquidates Over 100 Million As The Price Crosses $1600 Mark

Name	Symbol	Market	Market Cap ($)	Algorithm
Tether USD	USDTUSD	Crypto	97,822,259,283	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Tether USD

USDTUSD

Crypto

97,822,259,283

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.00003	0.00%	0.9998	0.99979	0.9998

Price Change

Price Change %

Current Price

Bid Price

Offer

0.00003

0.00%

0.9998

0.99979

0.9998

High Price	Low Price	Open Price	Prev. Close	52 Week Range
1.00	0.99966	0.99977	0.99977	0.972760 - 1.40

High Price

Low Price

Open Price

Prev. Close

52 Week Range

1.00

0.99966

0.99977

0.972760 - 1.40

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	13:46:14	7,563.88	0.9998	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

13:46:14

7,563.88

0.9998

USD

Price x Volume	Volume	Base Symbol	Related Pairs
65,364,162.11	65,371,239.50	USDT	USDTEUR	USDTGBP	USDTBTC

Price x Volume

Volume

Base Symbol

Related Pairs

65,364,162.11

65,371,239.50

Ethereum Liquidates Over 100 Million As The Price Crosses $1600 Mark

09/09/2022 12:13pm

NEWSBTC

The general crypto market has seen some positive price rally in 24 hours. Many of the coins are trading in greens, including Ethereum with its 7.86% gains and Bitcoin with a 2.89% surge. Other altcoins such as PancakeSwap CAKE, SHIB, Ethereum Classic ETC, and Tether USDT are also in the greens. For instance, CAKE gained 3.6%, SHIB soared by 1.56%, while ETC recorded a good 8.38 price growth. Related Reading: Central Bank Chairs Push Bitcoin Price To The Downside, Will BTC Bounce Again? Currently, the ETH price is at $1,635 while the BTC price stands at $19304. Before the close of the market today, September 8, we might see more bullish support for the top cryptos and the altcoins too. But the recent price increase in Ether has spiked liquidations. Ethereum Price Growth Increases Liquidations Due to the price increase seen in ETH price, many of its leveraged positions are being liquidated. According to Coinglass, the total liquidations have reached close to $200 million in 24 hours. ETH positions were more than $110 million out of the total liquidated positions. Notably, the largest order was a BTCUSD perpetual position worth $2 million. This liquidation took place on Bybit. Other exchanges with high liquidations figures include OKEx, Binance, ByBit, FTX, CoinEX, Huobi, Bitmex, etc. OKEX recorded up to 75% short positions liquidations amounting to $4.28 million, while Binance followed closely with $3.36 million in total liquidations. ByBit, FTX, CoinEX, Huobi and Bitmex recorded $3.16M, $1.39M, $447.91K, $321.57K and 20.73K. What Could Be Pushing Liquidations The Ethereum community is set to embrace the upcoming upgrade to a proof of stake mechanism. Even as the Merge approaches, the coin price keeps fluctuating. There is a more positive outlook today, but the past days have not been too convincing. For instance, the ETH price fluctuated between $1533 and $1577 from August 30 to September 5. It saw a little push above that mark on September 6, but that was the day of the Bellatrix upgrade. After the rally, it pulled back to $1560 the next day, September 7 but closed the market with $1629. With these price fluctuations, it’s not surprising that liquidations are currently pushing their limits in the markets. Most traders are not able to hold their positions, and the exchanges are closing them. A Brief on Liquidation Liquidation occurs when crypto exchanges close a trader’s leveraged position due to losses in the initial margin. This is one reason traders are advised to go easy on leverage. If the value of the crypto asset plummets, they could lose their own little investment capital. Given the recent uncertainty in crypto prices, including Ethereum, it’s obvious that these leveraged positions are no longer sustainable. Some traders that can be spared from this trend are those who placed a “stop order” on their positions. Related Reading: Fantom Keeps Close Eye On Possible 20% Slide This Month But the likelihood of losing their funds during this period is very high for those who didn’t. Unless, of course, the Merge reverses the price trend. Featured image from Pixabay and chart from TradingView.com

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