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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.
Global crypto market under heavy selling pressure
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. Meanwhile, 24 hour trading vol is up by 82% to stand at $215 billion.
As per the data, around 392,520 traders have liquidated more than $838 million. The largest single liquidation transaction was recorded on Binance of $6.7 million.
Bitcoin price is down by almost 11% in the last 24 hours. BTC is trading at an average price of $17,569, at the press time.
Changpeng Zhao’s (CZ) Binance’s recent announcement has allegedly led to this market condition. CZ stated that it has signed a non binding Letter of Intent (LOI) to fully acquire the FTX crypto exchange.
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