{"id":554843,"date":"2023-10-10T20:00:41","date_gmt":"2023-10-10T20:00:41","guid":{"rendered":"https:\/\/wncen.com\/?p=554843"},"modified":"2023-10-10T13:50:39","modified_gmt":"2023-10-10T13:50:39","slug":"ethereum-plunge-liquidation","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/ethereum-plunge-liquidation\/","title":{"rendered":"Ethereum Plunge Drives Liquidation Above $30 Million, More Pain To Come?"},"content":{"rendered":"

The Ethereum price saw a notable price plunge on Monday when the Ethereum Foundation reportedly started selling coins. This plunge, in turn, triggered a series of liquidation events that have seen ETH traders<\/a> suffer massive losses in the last day.<\/p>\n

Ethereum Liquidation Volumes Cross $30 Million.<\/h2>\n

By Tuesday, October 10, the Ethereum liquidation numbers triggered by the price crash ramped up quickly to cross the $32 million market. As expected, long traders suffered the majority of the losses with Coinglass data pointing to 87.61% of all ETH liquidation<\/a> volumes coming from long traders.<\/p>\n

Related Reading: Top 5 Altcoins For October 2023 That Could 20X Your Crypto Portfolio<\/a><\/div>\n

This meant that of the over $32 million in liquidation volumes recorded for the asset in the past day, $29.56 million were from long positions. This meant that only $2.91 million in short positions were liquidated.<\/p>\n

\"Ethereum<\/p>\n

ETH liquidations cross $30 million | Source: CoinGlass<\/a><\/pre>\n
Ethereum also snagged the crown for the largest single liquidation event for the 24-hour period. The trade was placed on the Binance crypto exchange across the ETHBUSD<\/a> pair with a total value of $4.53 million by the time the liquidation occurred.<\/p>\n
Ethereum\u2019s volumes also put it ahead of Bitcoin for the same time period when Bitcoin usually tends to lead liquidation volumes. In the 24-hour timeframe, Bitcoin liquidation<\/a> volumes came out to $19.28 million compared to $32.48 million for Ethereum. But just like ETH, the vast majority of the liquidation volumes for BTC were from long traders.<\/p>\n
\"Ethereum<\/p>\n
ETH price struggles below $1,600 | Source: ETHUSD on Tradingview.com<\/a><\/pre>\n
Over 20,500 Crypto Traders Suffer Losses<\/h2>\n
The liquidation volumes over the last day have been nowhere near the highest for the year but that does not make it any less significant. CoinGlass\u2019s data shows that as of the time of writing, 20,525 crypto traders<\/a> have been liquidated for a total of $56.42 million.<\/p>\n
Of this figure, long traders have accounted for $44.9 million in losses, and short traders for $11.48 million. Besides Bitcoin<\/a> and Ethereum, the other assets that saw notable volumes were Bitcoin Cash (BCH)<\/a> with $3.59 million, XRP<\/a> with $2.77 million, and Solana (SOL)<\/a> with $2.75 million.<\/p>\n
Related Reading: Crypto Investor Buying Power Just Reached A 6-Month High, What This Means<\/a><\/div>\n
The Binance exchange<\/a> accounted for the largest volumes at $24.86 million, followed by the OKX exchange<\/a> with $17.16 million. Next on the list is ByBit<\/a> with $6.90 million, Huobi<\/a> with $5.8 million, and the CoinEx exchange<\/a> which rounded off the top 5 with $1.05 million.<\/p>\n
If there continues to be any large swing in prices like what was witnessed on Monday, then the liquidation volumes are expected to continue. The only way these volumes will remain low is if assets in the market continue to trade in a tight range.<\/p>\n
\n
Follow Best Owie on X (formerly Twitter)<\/a> for market insights, updates, and the occasional funny tweet\u2026 Featured image from Freepik, chart from TradingView.com<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"
The Ethereum price saw a notable price plunge on Monday when the Ethereum Foundation reportedly started selling coins. This plunge, in turn, triggered a series of liquidation events that have seen ETH traders suffer massive losses in the last day. Ethereum Liquidation Volumes Cross $30 Million. By Tuesday, October 10, the Ethereum liquidation numbers triggered by the price crash ramped up quickly to cross the $32 million market. As expected, long traders suffered the majority of the losses with Coinglass data pointing to 87.61% of all ETH liquidation volumes coming from long traders. Related Reading: Top 5 Altcoins For October 2023 That Could 20X Your Crypto Portfolio This meant that of the over $32 million in liquidation volumes recorded for the asset in the past day, $29.56 million were from long positions. This meant that only $2.91 million in short positions were liquidated. ETH liquidations cross $30 million | Source: CoinGlass Ethereum also snagged the crown for the largest single liquidation event for the 24-hour period. The trade was placed on the Binance crypto exchange across the ETHBUSD pair with a total value of $4.53 million by the time the liquidation occurred. Ethereum\u2019s volumes also put it ahead of Bitcoin for the same time period when Bitcoin usually tends to lead liquidation volumes. In the 24-hour timeframe, Bitcoin liquidation volumes came out to $19.28 million compared to $32.48 million for Ethereum. But just like ETH, the vast majority of the liquidation volumes for BTC were from long traders. ETH price struggles below $1,600 | Source: ETHUSD on Tradingview.com Over 20,500 Crypto Traders Suffer Losses The liquidation volumes over the last day have been nowhere near the highest for the year but that does not make it any less significant. CoinGlass\u2019s data shows that as of the time of writing, 20,525 crypto traders have been liquidated for a total of $56.42 million. Of this figure, long traders have accounted for $44.9 million in losses, and short traders for $11.48 million. Besides Bitcoin and Ethereum, the other assets that saw notable volumes were Bitcoin Cash (BCH) with $3.59 million, XRP with $2.77 million, and Solana (SOL) with $2.75 million. Related Reading: Crypto Investor Buying Power Just Reached A 6-Month High, What This Means The Binance exchange accounted for the largest volumes at $24.86 million, followed by the OKX exchange with $17.16 million. Next on the list is ByBit with $6.90 million, Huobi with $5.8 million, and the CoinEx exchange which rounded off the top 5 with $1.05 million. If there continues to be any large swing in prices like what was witnessed on Monday, then the liquidation volumes are expected to continue. The only way these volumes will remain low is if assets in the market continue to trade in a tight range. Follow Best Owie on X (formerly Twitter) for market insights, updates, and the occasional funny tweet\u2026 Featured image from Freepik, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":554856,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[6664,14690,8323,1946,89616,7931,6931,8686,78803],"class_list":["post-554843","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-crypto","tag-crypto-news","tag-eth","tag-ethereum","tag-ethereum-liquidation","tag-ethereum-news","tag-ethereum-price","tag-ethusd","tag-ethusdt"],"acf":[],"yoast_head":"\nEthereum Plunge Drives Liquidation Above $30 Million, More Pain To Come?<\/title>\n<meta name=\"description\" content=\"The Ethereum price saw a notable price plunge on Monday when the 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This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/wncen.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Ethereum Plunge Drives Liquidation Above $30 Million, More Pain To Come?","url":"http:\/\/wncen.com\/news\/ethereum\/ethereum-plunge-liquidation\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/ethereum\/ethereum-plunge-liquidation\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/Ethereum-liquidation-Small.jpeg?resize=200%2C180","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/Ethereum-liquidation-Small.jpeg?fit=320%2C180"},"articleSection":"Ethereum","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["crypto","crypto news","eth","ethereum","ethereum liquidation","ethereum news","ethereum price","ethusd","ethusdt"],"dateCreated":"2023-10-10T20:00:41Z","datePublished":"2023-10-10T20:00:41Z","dateModified":"2023-10-10T20:00:41Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Ethereum Plunge Drives Liquidation Above $30 Million, More Pain To Come?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/ethereum-plunge-liquidation\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/ethereum-plunge-liquidation\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/Ethereum-liquidation-Small.jpeg?resize=200%2C180\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/Ethereum-liquidation-Small.jpeg?fit=320%2C180\"},\"articleSection\":\"Ethereum\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"crypto\",\"crypto news\",\"eth\",\"ethereum\",\"ethereum liquidation\",\"ethereum news\",\"ethereum price\",\"ethusd\",\"ethusdt\"],\"dateCreated\":\"2023-10-10T20:00:41Z\",\"datePublished\":\"2023-10-10T20:00:41Z\",\"dateModified\":\"2023-10-10T20:00:41Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/Ethereum-liquidation-Small.jpeg?fit=320%2C180","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/554843"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=554843"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/554843\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/554856"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=554843"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=554843"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=554843"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}