Ethereum Rise Over $1,600 Liquidated Over 100 Million In Last 24 Hours

A general price rise in the crypto market was seen within 24 hours. Greens are dominating the crypto market, with Ethereum seeing 7.86% growth and Bitcoin experiencing a surge of 2.89%. 

Altcoins like PancakeSwap CAKE and SHIB, Ethereum Classic TC, Tether USDT, and Ethereum Classic EC are also among the greens. CAKE gained 3.6% while SHIB rose by 1.56% and ETC saw a solid 8.38 percent price increase. 

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The current situation is the The price of ETH is at $1,635  while the BTC PriceThe current price is $19304. The market closed at $19304.  The recent Ether price hike has sparked liquidations. 

Ethereum Price Growth Drives Increased Liquidations 

Many of the leveraged positions in ETH are being liquidated due to an increase in ETH’s price. Coinglass claims that liquidations reached nearly $200 million within the span of 24 hours. 

ETH holdings accounted for over $110 million of total liquidated positions. The largest order, a BTCUSD permanent position valued at $2 million, was notable. Bybit witnessed the liquidation. 

OKEx and Binance are among other exchanges that have experienced high liquidation figures. OKEX had short position liquidations up to 75% and Binance had total liquidations in excess of $3.36 million. 

ByBit and FTX were $1.39M and $447.91K respectively. CoinEX and Huobi recorded $2.10M and $3.16M, respectively.Source: ETHUSD price charts from 

Ethereum’s price currently trades above $1,650. | Source: ETHUSD price chart from

Why are Liquidations so Popular? 

Ethereum’s community will embrace the forthcoming upgrade to a Proof of Stake system. The coin price fluctuates even as Merge draws near. The current outlook is more optimistic, however the past few days are not very convincing. 

The ETH price ranged between $1533 and $1577 from August 30th to September 5. Although it saw some slight increases from August 30 to September 5, the price was still below that level on September 6. However, that day marked the completion of the Bellatrix upgrade. It pulled back at $1560 on September 7, but it closed the market with $1629. 

With these price fluctuations, it’s not surprising that liquidations are currently pushing their limits in the markets. The exchanges are closing the positions of most traders who are unable to maintain their positions. 

A Brief on Liquidation

Liquidation occurs when crypto exchanges close a trader’s leveraged position due to losses in the initial margin. One reason that traders should avoid excessive leverage is because they could lose their initial margin. They could also lose some of their investment capital if the cryptocurrency asset’s value plummets. 

Given the recent uncertainty in crypto prices, including Ethereum, it’s obvious that these leveraged positions are no longer sustainable. Some traders that can be spared from this trend are those who placed a “stop order” on their positions.  

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But the likelihood of losing their funds during this period is very high for those who didn’t. Except, obviously, that the Merge reverses price trends. 

Featured image taken from Pixabay. Chart from

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