Ethereum Price Down By 21%; Over $228 Million Liquidated

Ethereum (ETH), the world’s second largest cryptocurrency is witnessing huge selling pressure due to increased doubt among traders. The dumping market situation has led to a massive drop in global market capitalization.

Ethereum price sees massive liquidation

As per the data, Ethereum price has dropped by a massive 21% over the last 24 hours. ETH is trading at an average price of $1,230.6, at the press time. However, its 24 hour trading vol has surged by a whopping 130% to stand at $47.6 billion.

Data presented by Coinglass depicts that more than $228 million have been liquidated from Ethereum in the last 24 hours. Around $160 million has been liquidated on the long position. This represents 70% of all the positions set by the traders.

PeckShieldalert reported that $11.5 million worth of Ethereum is liquidatable at $1150. However, Okex registered the highest number of liquidations of $58 million in Ethereum.

Whale alert reported that a crypto whale has added $22.5 million worth of Ethereum to an unknown wallet. However, more than $107.2 million worth of ETH has been moved by the whales amid the price dip.

However, the global digital asset market has dropped by 13% in the last 24 hours. The cumulative market cap has dropped under the crucial $1 trillion mark. It now stands at $865.6 billion.

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