#What Happened to Ethereum?
Ethereum experienced a significant decline of 9% within just eight hours, now priced at $2,930. This drop is part of a broader trend affecting the entire cryptocurrency market as it struggles to stabilize amidst a wave of liquidations.
#How Much Was Liquidated?
The cryptocurrency market faced over $670 million in liquidations within the last 24 hours. Of this total, liquidated long positions accounted for approximately $570 million, with Ethereum alone experiencing about $176 million in liquidated long positions. Bitcoin also felt the impact, with $204 million liquidated from its longs.
#Why Is the Market Struggling?
These rapid liquidations have occurred amid an overall downturn in digital assets. Bitcoin, for instance, has fallen to the mid-$86,000 range. Since the sharp market wipeout witnessed on October 10, there has been a lack of momentum, with an evident low risk appetite among both major cryptocurrencies and altcoins. Investors must be cautious as the market shows signs of weakness and uncertainty.