Crypto Liquidations Surge, Ethereum Loses $1,550 Worth Degree

A Correction in the Crypto Market Causes Losses for Long Traders
The previous week saw a significant value correction for cryptocurrency assets like Bitcoin and Ethereum, which had experienced a strong recovery throughout the first part of August. On Monday, Bitcoin lost more than 12% of its value and fell below $21,000. Conversely, Ethereum had a fall of about 18% as the value of the second-most valuable digital asset in the world fell below $1,550.
According to data published by Coinglass, established cryptocurrency retailers have lost $57 million in the last day. With a value of $882,000., the biggest single liquidation order was noted on the cryptocurrency exchange Bybit.
“As long liquidations have been common to end the week, the time period’rekt’ has been surging in the cryptocurrency space. Since late June, a large number of merchants have been propelling the upward worth growth. Santiment noted in a recent Tweet that “Ethereum’s decline to the low of $1,500 and Bitcoin’s drop to $20.8k brought on chaos.”
Over the past seven days, the cryptocurrency market has lost more than $200 billion in market capitalization. Among the top 10 digital currencies in terms of efficiency on a weekly basis, Solana (SOL) continued to be the least performing asset, declining by over 21%.
An Increase in Whale Activity In spite of the correction in the cryptocurrency market
Despite the overall cryptocurrency market’s value drop, whale activity around the major altcoins has increased over the past week. According to Santiment, a sharp spike was observed in the overall whale exercise by Dogecoin (DOGE), Shiba Inu (SHIB), and XRP.
“Shiba Inu and Dogecoin have both expertly adjusted their primary values following their respective Tuesday and Sunday highs. The whales predicted the greatest times to benefit, as is typically the case, when their enormous transactions erupted throughout every community. In addition to extreme confidence, XRP is witnessing significant whale activity during Friday’s final buying and selling hours. We have observed a surge in XRP transactions over $100k, which hasn’t been matched since May 13th,” Santiment continued.

Related Articles

Back to top button