Sign up to create alerts for Instruments,
Economic Events and content by followed authors
Free Sign Up Already have an account? Sign In
Quotes
All Instrument Types
- All Instrument Types
- Indices
- Equities
- ETFs
- Funds
- Commodities
- Currencies
- Crypto
- Bonds
- Certificates
Please try another search
💎 Access the Market Tools Trusted by Thousands of Investors Get Started
Ethereum Leads Altcoin Sell-Offs as Liquidations Hit Weekly High: Details
Published Jun 10, 2023 07:52AM ET
Updated Jun 10, 2023 08:00AM ET
© Reuters. Ethereum Leads Altcoin Sell-Offs as Liquidations Hit Weekly High: Details
U.Today - The cryptocurrency ecosystem is bearish today as marked by the 5.66% slump in the industry's combined market capitalization, which, at the time of writing, is pegged at $1.04 trillion. With the massive and encompassing price slump, the total liquidations have $385.92 million, according to data from CoinGlass.
Per the data, a total of 184,532 traders have been liquidated over the past 24 hours, with the largest single liquidation by a trader worth $2.18 million.
Unusually, this liquidation has seen both Bitcoin (BTC) and Ethereum (ETH) jostle for the lead among the most liquidated tokens. In the past 24 hours, a total of $49.87 million worth of BTC has been liquidated, while the liquidated Ethereum tokens are pegged at $45.96 million.
While Bitcoin's liquidation surpassed that of Ethereum in the 24 hour period, the tides appear to have shifted, with the latter now taking the lead in the hours before writing. Overall, more long traders were liquidated with the amount coming in at $343.1 million, with short liquidations accounting for just $42.79 million of the total figure.
Liquidation trigger
The more than $385 million recorded in total liquidations can be tagged as the biggest the industry has recorded in weeks. The current liquidation figure trails the $400 million back in April in what at the time was described as the most bizarre day in the industry for the year.The trigger for this current liquidation is even more pronounced as the United States Securities and Exchange Commission (SEC) top altcoins like Cardano (ADA), Solana (SOL) and Polygon (MATIC) as investment contracts or securities. With the tag, brokerage firm Robinhood (NASDAQ:HOOD) has that it will delist the tokens by the end of the month, a sign of instability and general uncertainty for the affected cryptocurrencies.
Related Articles
Add Chart to Comment
Confirm Block
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
Report this comment
I feel that this comment is:
Comment flagged
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.