$230M ETH Positions Liquidated in a Day as Ethereum Plunges Below $1.6K

Ethereum is among the most substantial loser on a daily scale, as the asset plummeted to its lowest position in over a year. Naturally, this has caused mass pain for some traders, as the ETH liquidated positions are over $200 million on a 24-hour scale.

• After the relatively positive trading week, bitcoin and the rest of the market headed south hard yesterday, perhaps fueled by the record-setting US inflation numbers (YoY increase of 8.6%).
• BTC went from above $30,000 to below $29,000 rather quickly, but most of the altcoins suffered more.
• Solana, Avalanche, Polkadot, and MATIC have lost close to 10% in a day. Dogecoin, Shiba Inu, Ripple, and Cardano are also deep in the red. The total market cap is down by over $80 billion in a day to $1.150 trillion.
• Ethereum has lost over 10% on a daily scale. The second-largest cryptocurrency plummeted below $1,600 to its lowest price tag since March 2021.
• Somewhat expectedly, the liquidations in regards to ETH skyrocketed. On a 24-hour scale, they have soared to around $230 million.
• The overall liquidations are close to $400 million, meaning that those related to ETH positions account for more than half of all.
• In the past 24 hours, over 100,000 traders have seen their position wrecked.

Cryptocurrency Market Overview. Source: Quantify Crypto