NewsletterLiquidations Cross $420 Million As Ethereum Breaches $1,300
The global crypto market dropped by another 6% over the past day. The cumulative market cap shrunk drastically to stand at $912.3 billion. However, 24 hour trading volume has jumped by a whopping 65% to stand at $81.1 billion. Meanwhile, the biggest cryptos like Bitcoin and Ethereum have dropped by 6% and 10% respectively.
Ethereum faces massive liquidation post merge
The correlation between the traditional market and macroeconomic conditions has played a major role in increasing fear among investors.
As market indices printed red indexers, investors have shifted a huge amount of their money out over the past 24 hours. According to Coinglass, over 124K traders have liquidated more than $420 million worth of funds from the crypto market in the last 24 hours.
The largest single liquidation of $10 million took place on the Bitmex exchange.
Meanwhile, the data suggest that over $161 million have been liquidated from the second largest cryptocurrency, Ethereum. ETH has led the amount of liquidation over the past 24 hours. However, this was not expected just after the historic Ethereum merge.
Ethereum prices have dropped by around 10% over the past day. ETH is trading at an average price of $1,309. It went on to dip under the crucial $1.3k price level to trade at $1,289. However, its 24 hour trading volume has surged by 101% to stand at $20.6 billion.
The Ethereum prices have dropped by around 25% over the past 7 days, that too amid and after the most anticipated Ethereum Merge.
BTC down by 16% in past 7 days
Bitcoin, the largest cryptocurrency has also dropped by 6% in the same period. BTC is trading at an average price of $18,745, at the press time. However, its 24 hour trading volume has also surged by 60% to stand at $39.7 billion.
As per the data, more than $120 million amount of funds has been moved out of Bitcoin in the last 24 hours.
Amid this major drop in the market, Helium prices have managed to gain by 3% over the past 24 hours. It is trading at an average price of $4.66, at the press time.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- FOMC Meeting: Fed Expected to Approve Rate Cut on Dec. 10
- Bernstein Declares Bitcoin’s Four-Year Cycle Dead, Predicts $1M Target for BTC
- Breaking: Tether’s USDT Secures New Abu Dhabi Global Market Approval After Ripple’s RLUSD
- Ethereum Sees Fresh Tailwind as BlackRock Files for Staked ETH ETF
- Breaking: SEC Ends Ondo Finance Probe With No Charges, Boosting Tokenized Treasuries Push
- Shiba Inu Price Eyes a Rebound as Exchange Supply Nosedives by 53 Trillion
- Dogecoin Price Prediction: Will $0.30 Be Next Target for DOGE?
- Top 3 XRP Price Predictions for December 2025: Could It Reach These Levels?
- Here’s Why Bitcoin Price Will Rally To $100k This Week
- Bittensor Price Breaks Above $300, Eyeing a 50% Surge Ahead of Halving
- Ethereum Price Holds $3,000 as Bitmine Scoops Up $199M in ETH; What Next?
