Markets
Ethereum Witnesses $139 Million Liquidations After ETF Approval
Following the approval of an Ethereum ETF, the cryptocurrency market witnessed a surge in liquidations, with Ethereum liquidation reaching a remarkable $139.41 million in just 8 hours.
This increase in liquidations includes the largest single liquidation order on Binance, totaling $12.41 million in ETHUSDC. Despite these fluctuations, Ethereum’s market capitalization remains strong at $455.1 billion.
Image source: Currency Currency (Settlement Heatmap)
Surprisingly, despite the approval of the ETF, the price of Ethereum saw a modest increase, standing at $3,777. Notably, in 24 hours, Ethereum recorded $92.20 million in long liquidations and $47.21 million in short liquidations, totaling $367.86 million across the entire market, affecting a significant number of 101,172 traders.
Trading volume saw a remarkable increase of almost 95% in just 24 hours, reaching an impressive $46.07 billion. These events highlight the ever-changing dynamics of cryptocurrency markets and how regulatory decisions can greatly influence investor behavior.
In the same period, Bitcoin suffered liquidations totaling US$69.39 million. This included $54.61 million in long positions and $14.78 million in short positions.
As of now, Bitcoin is valued at $67,288.05, boasting a market capitalization of $1.33 trillion. Its 24-hour trading volume increased by almost 40%, standing at US$42.92 billion.
The increase in settlements after the approval of an Ethereum ETF highlights the inherent volatility of the cryptocurrency market. Despite Ethereum’s resilient market capitalization and modest price increase, the significant liquidation numbers reveal increased trader activity and potential uncertainty in the market. How might continued regulatory developments and investor sentiment shape Ethereum’s trajectory amid this evolving landscape?
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