After the latest crisis, the global bitcoin market has shown no signs of revival. Ethereum (ETH), the second-largest cryptocurrency, has seen its price plummet by more than 38% in the last 30 days. Meanwhile, a massive quantity of ETH has been liquidated in the previous 24 hours.
Ethereum Of $240 Million Gets Liquidated
Ethereum was trading below the $1750 price barrier when the crypto community awoke. In the previous 24 hours, the price of ETH has dropped by 10%.
According to Coinglass, the second-largest cryptocurrency has had about $241 million in holdings liquidated in the previous 24 hours. This sum is made up of 137.4K Ethereum. Over the last 24 hours, the market has seen a total liquidation of more than $545.5 million.
Long holdings accounted for 83 percent of overall liquidation in the past 24 hours, according to the tracker. The Long trader’s expectations for ETH prices have not been met. During the liquidation, almost $204 million was invested in the long position.
Over $39 million, on the other hand, was invested in short bets. The Okex trading platform has seen the largest liquidation, with more than $190 million in long positions. Meanwhile, the 24-hour trading volume of ETH has increased by almost 110 percent to $29.3 billion.
Stability Issues In ETH Merge?
The most recent significant decline occurred just before the much-anticipated ETH ‘Merge’ update. The network has experienced some stability challenges, prompting numerous worries about its long-term viability. To save energy, the Ethereum network will be switched from POW to POS after the merger.
The ETH Beacon chain, according to the report, had a 7-block deep reorganization issue yesterday. This is known as the network’s potential security risk.
Most investors were still expecting a recovery in the crypto market from its lows. The digital asset market, on the other hand, has dropped another 2% in the previous day. The market capitalization is $1.2 trillion. In the meantime, Bitcoin (BTC) has seen a $110 million liquidation in the last 24 hours.